I need help with my cost accounting assignment... It's really difficult for me to work out this kind of project..

I've searched for a similar one, but it looks like the answers are hard to understand and may contain some mistakes.

Hope there is someone could figure it out for me. I'll be really appreciated for the help.

The Case for the assignment and the worksheet provided have been attached to the question.

The missing number in the case are A. 2.5; B. 1.5 ; C. 8; D. 13; E. 12; F. 80,000; COGM $105,061.12 ; NI $21,713.83

ACCT 3022 - Winter 2016 Job Cost Assignment BEGINNING POSITION: A Company That Makes Everything Inc. (ACME Inc.) is a small manufacturer of metal products in London. ACME Inc. uses a job order costing system because it has a wide variety of products that receive varying attention and effort in the two factory departments, Fabricating and Assembly. ACME INC. Uses a perpetual inventory system. ACME Inc. had the following postclosing trial balance as of December 31, 2015: 1001 1020 1022 1031 1032 1033 1071 1072 1090 1092 2010 2022 2024 2042 3001 3010 4011 5001 5004 5006 6000 Cash Accounts Receivable (net) Unexpired Insurance Raw Materials Inventory Work in Process Inventory Finished Goods Inventory Office Equipment Accumulated amortization - Office Equipment Factory & Equipment Accumulated Amortization - Factory & Equipment Accounts Payable Wages and Salaries Payable Accrued Utilities Accrued Property Taxes Capital Stock Retained Earnings Sales COGS FOH Factory Payroll Selling and Admin Expenses* $18,900 38,400 2,200 ? 4,400 20,000 22,000 $5,500 1,025,000 230,000 28,000 1,500 2,500 3,400 218,000 ? ? ? *Of course, ACME INC. has many Selling and Admin expenses (such as S and A salaries) but for brevity one account represents them in this assignment. Detail in Subsidiary Ledgers As of December 31, 2015 Work in process: Job order Number 1116 Dep't Direct Materials $2,025.00 $325.00 Fabricating Assembly Direct Labour $800.00 $300.00 Factory Overhead $850.00 $100.00 Total Cost $3,675.00 $725.00 $4,400.00 Finished goods: Referenc e Quantity P-2011 Job 1114 100.00 80.00 P-2012 Job 1115 1,000.00 12.00 Stock # Unit Cost Total Cost $ 8,000.00 $12,000.0 0 $20,000.0 0 Raw materials: Code Quantity Unit Cost S104 BS64 C942 Supplies 4,100 10,100 410 Various ?______(A) ?______(B) ?______(C) Total Cost ? ? ? $1,900.00 ? THE COMING YEAR (OVERHEAD RATES): The hourly rate including benefits for fabricators is $_____(D) and for assemblers is $______(E). To cost jobs as they are worked on, a predetermined or budgeted overhead rate must be computed for 2016 based on the following budgeted Bases: Fabricating Department Assembly Department 60,000 machine hours $437,500 of direct labour These overhead rates will be used throughout the year by each department. The budgeted factory overhead was prepared after careful consideration of the sales outlook for the coming year. Overhead for 2016 is expected to consist of the following: A Company That Makes Everything Inc. Factory Overhead Budget For The Year Ended December 31, 2016 Fabricating Total $114,000 22,800 30,000 24,000 26,000 7,200 14,400 24,000 4,200 39,400 $306,000 Amortization Indirect Labour Utilities Repairs Miscellaneous. Insurance Supplies Rent Property taxes Supervision Total Factory Overhead Assembly $14,400 26,800 9,000 6,000 12,000 2,400 5,400 16,800 1,200 11,000 $105,000 $128,400 49,600 39,000 30,000 38,000 9,600 19,800 40,800 5,400 50,400 $411,000 FOH rate = Budgeted FOH Budgeted base TRANSACTIONS FOR JANUARY 2016: The following transactions occurred during the month of January 2016: 1. Raw materials were purchased (on account): Receiving report # Receiving report # Receiving report # Receiving report # Receiving report # Receiving report # 3111 5 3111 6 3111 7 3111 8 3111 9 3112 Units $$ S104 4,900 ? BS64 5,100 ? S104 2,550 ? BS64 5,050 ? C942 BS64 2,215 3,010 ? ? 0 3112 1 Receiving report # Supplies N/A $2,800.00 Assume that costs have not changed in the last year. Note that Supplies are tracked in dollars, not units, due to their diverse nature. 2. Returns on account: 90 units of material BS564 (receiving report #31122). Show this as a negative receipt. 3. The direct material requisitions were summarized on the following material usage reports for each of the departments. Fabricating Department Direct Material Usage For the Month Ended January 31, 2016 Requisition F-42 F-43 F-44 F-45 F-46 F-47 F-48 Type BS64 S104 S104 BS64 BS64 BS64 S104 Job Order 1117 1118 1119 1119 1118 1117 1120 Quantity 1,550 2,700 1,100 1,010 3,005 210 1,900 Assembly Department Direct Material Usage For the Month Ended January 31, 2016 Requisition A-32 A-33 A-34 A-35 A-36 Type C942 C942 C942 C942 C942 Job Order 1116 1119 1117 1118 1119 Quantity 5 205 810 1,490 20 4. A summary of payroll costs was prepared: Payroll Summary For the Month Ended January 31, 2016 Work Job Ticket Order FL-48 1117 FL-49 1117 FL-50 1119 FL-51 1118 FL-52 1120 FL-53 1119 AL-76 1116 AL-77 1118 AL-78 1117 AL-79 1119 AL-80 1118 millwrights 180 hours supervision 100 hours Selling and admin salaries Total payroll accrued for the month Fabricating 5 330 190 245 90 20 Assembly 4 1,440 110 205 40 Rate ? ? ? ? ? ? ? ? ? ? ? 20 $31/hr Cost ? ? ? ? ? ? ? ? ? ? ? $3600 $3100 $6060 ? (HINT: The above costs will need to be accrued as a payable (in total) as well as cost to jobs or factory overhead.) 5. Apply overhead to jobs using the two overhead rates. Jobs 1117, 1118 and 1119 and 1120 were machined for 2,750, 2040, 155 and 880 hours respectively. No other jobs were machined during the month. (A direct labourer operates more than one machine simultaneously, so machine hours are not necessarily equal to labour hours incurred by fabricators.) 6. Use the following information to record both: (a) the completion and (b) the sale (including revenue and cost of sales) of the various jobs: A Company That Makes Everything Inc. Production and Sales Data For the Month Ended January 31, 2016 Job # Units Finished Date Finished 1114 1115 1116 1117 1118 1119 1120 100 Dec. 11/15 1000 Dec. 15/15 50 Jan. 8/16 1745 Jan. 17/16 1000 Jan. 18/16 100 Jan. 31/16 Unfinished Stock Number P-2011 P-2012 P-2013 P-2014 P-2015 P-2016 Invoice Number #6823 #6824 #6825 #6826 #6827 #6828 Units Sold 100 1000 20 900 950 50 Sales Price/unit $ 95.00 27.00 89.00 25.00 79.00 138.00 All sales are on account. 7. $45,000 of the payroll (both factory and office) accrued was paid. 8. The following additional overhead (both factory and non-factory) costs were incurred during January: Item Supplies requisitioned from RM Inventory Utilities* Repairs by outsiders Miscellaneous Insurance Amortization on equipment Property taxes* Factory Selling & Admin. $1,850 3,600 3,000 3,100 850 $0 500 150 100 150 14,300 500 $27,200 800 50 $1,750 Total Account to Credit $1,850 4,100 3,150 3,200 1,000 ? Accrued utilities ? ? ? 15,100 550 $28,950 ? Accrued Prop. Taxes (HINT: The billing of utilities and property taxes are not normally monthly, so FOH is incurred monthly with a credit to the corresponding \"accrued \" account. When the bill is received that \"accrued\" account is debited, and A/P is credited.) 9. Utility bills received $4,750. 10. Utility bills paid $4,300. 11. More insurance purchased, $5,100. 12. Other selling and administrative expenses incurred, $14,600. 13. Recognized bad debts, $600. 14. Other payments on account, $_______(F). 15. Collections on account, $149,000. 16. Close under- or over-applied Factory Overhead. REQUIRED: Use Excel to complete your assignment. (It makes sense to have a separate tab for the items outlined in Step 11. You can download templates for the GL and sub-ledgers from FOL.) Print a copy of the assignment on paper for every member of your group (be cognizant of printing when deciding how to layout each page in Excel), which you will then bring to the assignment test. You will individually answer detailed fill-in-the-blank questions about the assignment and then hand it in. 1. Enter all starting balances in the GL and sub-ledgers. You will need to calculate your raw materials inventory value (about $30,000) based on the material prices assigned to your group. Adjust retained earnings to balance the opening trial balance. 2. Calculate the two overhead application rates (one for Fabricating, one for Assembly) to be used for the coming year. 3. Journalize the above summary transactions, all dated January 31, 2016. 4. Post to the general ledger and sub-ledgers for January 2016. (It is recommedsnded that you POST AS YOU GO, especially for accounts that have sub-ledgers.) 5. Prepare a post-closing trial balance as of January 31, 2016. 6. Prepare a job-costing manufacturing statement for January 2016. Use the example from Chapter 4 in the textbook. ( Cost Of Goods Manufactured). 7. Prepare an income statement and statement of retained earnings for January 2016. 8. Prepare a balance sheet as of January 31, 2016. 9. Prepare and post a closing entry (or entries) for the month end. 10. Order your submission as follows: Cover sheet with group members and your variables. Journal entries General ledger ( For All Trail balance Accounts). Sub-ledgers ( RM,WIP,FG) Trial balance Account reconciliations Statements FINISHED GOODS SUBLEDGER don't forget to keep in balance with control account Stock # P-2011 Date starting Received from Factory Job Unit Number Units Cost Sold Total Cost Date Invoice Number Date Invoice Number Date Invoice Number Units Unit Cost Total Cost Unit Cost Total Cost Unit Cost Total Cost Balance Unit Total Units Cost Cost 100 80 8000 8000 8000 8000 8000 Stock # P-2012 Date starting Received from Factory Job Unit Number Units Cost Sold Total Cost Units Balance Unit Total Units Cost Cost 1000 12 12000 12000 12000 12000 12000 Stock # P-2013 Date Received from Factory Job Unit Number Units Cost Sold Total Cost Units Units Balance Unit Total Cost Cost 0 0 0 0 0 0 0 Stock # P-2014 Date Received from Factory Job Unit Number Units Cost Sold Total Cost Date Invoice Number Units Unit Cost Total Cost Units Balance Unit Total Cost Cost 0 0 0 0 0 0 0 Stock # P-2015 Date Received from Factory Job Unit Number Units Cost Sold Total Cost Date Invoice Number Units Unit Cost Total Cost Units Balance Unit Total Cost Cost 0 0 0 0 0 0 0 Stock # P-2016 Date Received from Factory Job Unit Number Units Cost Sold Total Cost Date Invoice Number Units Unit Cost Total Cost Units Balance Unit Total Cost Cost 0 0 0 0 0 0 0 GENERAL LEDGER don't forget to add beginning balances does GL balance? ASSETS: 1001 Cash 0