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T-Shirts Unlimited Following are a number of source documents for a custom T-shirt printing business. The business owner has approached you to help determine why the business is not making much money. The printing process uses a newly developed printer that uses special inks instead of a screen press. By avoiding the screen press process, the costs, labor and chemicals involved with making screens, cleaning screens, and cleaning presses is eliminated. Also, turnaround time is much faster. The new machine is similar to a large ink-jet printer. The designs are made using graphic arts software or uploaded image files. These files are then printed to the shirts by the printer. A simple heat bonding process completes the printing. Your assignment is to 1) post the entries to the appropriate job cost cards (job ledger sheets) and 2) to prepare a summary report showing the selling price, the total cost, and the profit or loss on each job. Basic data: -- shirts are sold for $12.00 each -- unprinted shirts cost $4.00 each -- ink cartidges for the printing cost $50.00 each and are not re-usable -- the labor rate is $15.00 per hour. (This covers salary and the employer payroll taxes.) -- total overhead for the year is budgeted to be $40,000.00 -- Overhead is to be allocated to each job based on direct labor hours. -- direct labor hours applied will be 2,000 hours per year. -- overhead is to be posted to each job cost card at the time that labor is posted. Therefore, the overhead is going to be allocated at the rate of: Calculation required !!! T-Shirts Unlimited Sales Register Comments Date order rec'd 3/1 3/3 3/4 3/10 100 Date to Customer Job number No of shirts production 129 3/5 130 20 3/8 131 12 132 3/11 3/10 Materials Used Journal Date 3/5 3/8 3/10 3/10 3/11 Quantity of Shirts 100 20 12 100 67 Quantity of Ink Cartridges 4 1 1 1 3 Job No 129 130 131 129 132 Labor Time Record Date 3/5 3/8) 3/10 3/10 3/11 Job No Hours 1295 130 11 13111 1294 1323 T-Shirts Unlimited Job Cost Control Card T-Shirts Unlimited Job Cost Control Card Job # Date order placed Date work began Date shipped Job # Date order placed Date work began Date shipped Cost Record: Cost Record: Cost Type (M,L,OH) M Date Incurred 5-Mar 5-Mar 5-Mar 5-Mar Date Incurred 7,13 Cost Amount 400 200 75 Cost Type (M,L,OH) Cost Amount M20 M L 2,B 1% # M. M BRO SELO OH Total for job Total for job T-Shirts Unlimited Job Cost Control Card T-Shirts Unlimited Job Cost Control Card Job # Date order placed Date work began Date shipped Job # Date order placed Date work began Date shipped Cost Record: Cost Record: Cost Type (M,L,OH) Cost Amount 4% 50 Date Incurred 31/1 Date Incurred Bio 2010 2010 Cost Type (M,L,OH) Cost Amount Mpo M L Total for job 33 Total for job