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ame Insert Draw Page Layout Formulas Data Review View Tell me d Calibri (Body) v 11 A Wrap Text LO Paste BIU V v A v Merge & Cem 33 . B D Sampson Company uses a job order cost system with overhead applied to products based on direct labor hours. The company's estimation for the upcoming year (2018): Total overhead 720,000 Total direct labor hours 24,000 On January 1, 2018, the general ledger of Sampson company revealed the job status as follows: 0 Job Number Costs incurred Status 11 Job 101 $ 30,000 Finished but not sold yet 12 Job 102 S 15,000 In process 13 Job 103 $ Not started yet 14 15 During January, the company had the following transactions: 16 a. Purchased $8,000 worth of raw materials. 17 b. Issued the following materials into production: 18 Item Cost Explanation 19 Direct materials $ 7,000 Job 102, $3,000; Job 103, $4,000 20 Indirect materials $ 2,000 Used on both jobs 21 Total Materials issued $ 9,000 22 23 c. Recorded salaries and wages payable as follows: 24 Item Cost Explanation 25 Direct labor $ 10,000 Job 102. $6,000; Job 103, S4,000 26 Indirect labor $ 4,000 For factory supervision 27 Salaries $ 5,000 For administrative staff 28 Total labor issued $ 19,000 29 30 d. Applied overhead to jobs based on the number of direct labor hours required: 31 Job Number DL Hours 32 Job 102 33 Job 103 200 34 Total 500 35 36. Recorded the following actual manufacturing costs Information Requirements Job Cost Shop General Ledger Cont of Good manufacture Ready 300 a TE Home Insert Draw Page Layout Formulas Data Review View OTE Calibri (Body) 11 ' ab [G Paste BIU V a Av C33 D E A B 34 Total 500 35 36 e. Recorded the following actual manufacturing costs: 37 Item Cost 38 Rent $ 6,000 39 Depreciation $ 5,000 40 Insurance $ 3,000 41 Utilities $ 2,000 42 Total $ 16,000 43 44 . Recorded the following general and administrative costs 45 Item Cost 46 Advertising $ 2,000 47 Depreciation $ 3,000 48 Other expenses $ 1,000 49 Total s 6,000 50 51 g Sold Job 101, which is recorded in Finished Goods Inventory at a cost of $30,000, for $55,000, 52 h. Completed Job 102 but did not sell it; Job 103 is still in process at year-end. 53 54 55 56 57 58 59 60 61 62 63 64 65 66 Information Requirements Ready Job Cost Sheet General Ledger Cost of Goods manu a lo en me Calibri (Body) 11 v AA" 20 Wrap Text General ID Paste BIU A v 1 FE B Merge & Center $ % 00 08 Conditio Formatti F23 XVfx B D H L M N O 2 3 Work in Process Inventory Beg Bal Raw Materials inventory 10,000 8,000 b. Bee Bal b Finished Goods Inventory 30,000 h Bex, Bal h. . d 9 10 11 12 13 Manufacturing Overhead Selling and Administrative Expenses d Adi e Sales New Cost of Goods Sold 55,000 15 16 17 18 19 20 21 22 23 24 25 26 27 2B 29 30 Adi 55,000 31 32 34 35 36 17 38 39
