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How do I complete this inventory cost flow template? my answers are probably wrong I need to know how to do this correctly for my
How do I complete this inventory cost flow template? "my answers are probably wrong" I need to know how to do this correctly for my test. Please help.
f. The Company incurred $3,000 of marketing costs on account to advertise in DownEast Magazine, a popular regional periodical. g. Depreciation charges of $8,000 were incurred for the day. Approximately 90% of the depreciation relates to furniture and fixtures used in the assembly process. The remaining 10% relates to functions outside of assembly. 8,00090%=72w h. Property taxes were accrued on the shop buildings for $4,500. 8,00010%=80 i. Apply all direct labor to work in process. j. Apply manufacturing overhead using direct labor hours. k. Prepare a job cost sheet for Job B1 and Job B2 using the materials requisition form and the time sheet. 1. Show completed work on the cost flow template. m. Puzzle Company sold one small puzzle for $2,000. Requirement \#3 - Calculate the ending balances of all inventory accounts. Determine the reasonableness of the ending balances based on your understanding of production. Requirement \#4 - Is manufacturing overhead over or under applied? Close the varianc to COGS and calculate the balance of COGS. Puzzle Co. Job Cost Sheet Job Number B2 Department item laral P471015 Date Initiated Date Completed Units Completed WIP \begin{tabular}{|l|l|} \hline \multicolumn{1}{|c|}{ Cost Summary } & \multicolumn{2}{|c|}{ Units Shipped } \\ \hline Direct Materials & Date \\ \hline Direct Labor & \\ \hline Manufacturing Overhead & \\ \hline Total Cost & \\ \hline Unit Product Cost & \\ \hline \end{tabular} ATG 158 Chapter 1 Inventory Cost Flow Template ATG 158 -Managerial Accounting Chapter 2 Business Simulation Re: Job Costing Puzzle Company assembles puzzles for boutiques along the coast of Maine. Management estimates that the Company will incur $10,500 in manufacturing overhead and will work an average of seven labor hours during a day. Requirement \#1 - Calculate the predetermined overhead rate using direct labor hours as the cost driver. Requirement #2 - Use T-accounts to show the effects of the following transactions. A separate page with T-accounts is provided. Please note that all accounts have a zero beginning balance. To get started, ask the petty cash manager to share the amount of cash available. a. Raw materials, consisting mostly of puzzle pieces and working boards, were purchased using cash. Glue sticks represent an indirect material cost of $4 each. For large puzzles: - Regular puzzle pieces cost $1 - Border puzzle pieces cost $2 - Corner pieces cost $3 - Working boards cost \$5 each For small puzzles: - All purale pieces cost 52. - Working boards cost $4 each wat b. (1)Raw materials for two small puzzles, each with a total of four pieces, were issued to production. (2)Raw materials for one large puzzle were issued to production. (3) Assembly needs to open a new glue stick. Complete the materials requisition form for these items placed into production. c. Payroll was accrued but not paid for the day. The puzzle assembler spent: - One hour in training - Two hours completing the small puzzles - Six hours working on the large puzzle Labor costs $10 per hour. The production supervisor spent 10 hours at the shop, earning a salary of $130 per day. d. Sales and administrative salaries of $300 were accrued but not paid. e. (1) The Company prepaid additional insurance premiums of $200. (2) Prepaid insurance expiring during the day was $150 with $110 relating to assembly and the remainder relating to administrative functions Step by Step Solution
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