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Hi! I would like to know how to fill out/calculate the job costs sheets section of the problem, I have everything else figured out, I
Hi! I would like to know how to fill out/calculate the job costs sheets section of the problem, I have everything else figured out, I just cannot seem to understand how to calculate the manufacturing overhead section of the job costs sheets thanks!
Stine Company uses a job order cost accounting system. On May 1, the company has a balance in Work in Process Inventory of $3,080 and two jobs in process: Job No. 429 $1,970, and Job No. 430 $1,110. During May, a summary of source documents reveals the following. Job Number Materials Requisition Slips Labor Time Tickets 429 $2,510 $1,630 430 3,760 3,010 431 4,310 $10,580 General use 7,780 $12,420 960 1,060 $11,540 $13,480 Stine Company applies manufacturing overhead to jobs at an overhead rate of 70% of direct labor cost. Job No. 429 is completed during the month. Prepare summary journal entries on May 31 to record: (i) the requisition slips, (ii) the time tickets, (iii) the assignment of manufacturing overhead to jobs, and (iv) the completion of Job No. 429. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. (i) Date Account Titles and Explanation May 31 Debit Work in Proce 10580 Manufacturing 960 Raw Materials (ii) May 31 11540 Work in Proce 12420 Manufacturing 1060 Factory Labor (iii) May 31 Work in Proce 13480 8694 Manufacturing (iv) May 31 Finished Good Work in Proce SHOW LIST OF ACCOUNTS SHOW SOLUTION LINK TO TEXT Credit 8694 7251 7251 Your answer is correct. Post the entries to Work in Process Inventory. (Post entries in the order of journal entries posted in Part 1.) Work in Process Inventory May 1 Balance SHOW LIST OF ACCOUNTS LINK TO TEXT Your answer is correct. Prove the agreement of the control account with the job cost sheets of the unfinished jobs. Job Cost Sheets Job No. 430 Beginning Work in Process $ 431 Direct Material Direct Labor $ $ Manufacturin g Overhead $ 3760 3010 2107 9987 0 4310 7780 5446 17536 8070 10790 7553 27523 $ $ 1110 $ $ Click if you would like to Show Work for this Open Show Work question: Your answer is correct. Determine whether the overhead was under- or overapplied and by how much. 14000 $ 1110 $ $ Total Underapplied Exercise 20-13 Predetermined overhead rate = Estimated overhead = $1,335,900 $30 per decorator = hour Exercise 20-13 Work in Process = (40,310 hrs x $30) = $1,209,300 Exercise 20-13 Actual overhead Applied overhead Balance $1,223,300 1,209,300 $14,000 underapplie d Estimated decorator hours 44,530 decorator hoursStep by Step Solution
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