Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I need someone to check my work and correct my mistakes if there is any. I posted everything I did. I need help with the
I need someone to check my work and correct my mistakes if there is any. I posted everything I did.
I need help with the Job Cost Record (Req 6, 7, 8, and 9) as I left some cells empty and with the General Journals (Req 10).
F G H I J K L M N A B C D E 1 Requirement #1 Use formulas to fill in pink cells in Estimated Annual Costs 4 Requirement #2 5 Find the total quantity needed (pink spaces) using appropriate formulas with cell refernces 7 8 Requirement #3 Use formulas with cell references to fill in the pink spaces 10 Requirement #4 11 Complete the JoAnn Purchase Order #1. Use Vlookup function to find Cost per Yard. 12 Complete the JoAnn Purchase Order #1. Use cell reference formulas to find total cost. Complete the Hancack Purchase Order #2. Use Vlookup function to find Cost per Yard. Complete the Hancack Purchase Order #2. Use cell reference formulas to find total cost. 17 Requirement #5 Complete the materials requisition. Use Vlookup function to find quantity needed and unit cost. 21 Requirement #6, #7, #8, & #9 22 Complete the Job Cost Record - enter the materials requisition and enter cost of material using cell reference enter hours worked for each job ticket using formula and enter cost for each job using formula -show calculation for MOH -use formulas with cell references to complete summary column -in 'Inventory shipped section enter the quanity shipped, units remaining, and use formula with cell refernces to calaculate 'cost balance in inventory NO 30 Requirement #10 31 Select correct account from drop-down list to debit 32 Select correct account from drop-down list to credit 33 Use cell references when needed to enter amount Custom Fabric Ventures Customer Order Form Customer: Katie's Boutique Order Date: 10/2/2012 Order Due Date: 10/15/2012 Description: Black & White Handbag Quantity Unit Sales Price Model Number: BW14923 Total $75 $525 Type of Cost Selling and Administrative salaries and expenses Direct Labor (Estimated 40,000 DL hours @ average wage rate of $12 per hour) Indirect plant labor Estimated total cost for the year $ 210,000 $ 480,000 $ 40,000 $ 50,000 $ 1,400,000 $ 120,000 $ 30,000 $ 140,000 Purchases of direct materials Lease and property taxes on the plant Marketing expenses Depreciation on production equipment (equipment originally costing $700,000 three year ago is being depreciated over a 5 year useful life using straight-line depreciation. No salvage value is expected.) Indirect materials to be used in the plant $ 20,000 POHR S 9.25 Purchase Order Supplier: Jo Ann Fabric Date ordered: 10/3 Date needed by: 10/9 or before Item Number BWCheck Quantity Total Cost Cost per yard 251 $ 70 $ 20 $ Bstrap 140 Int4 IS TOTAL Materials Requisition Number: #6786 Date: 10/10 Job: 114 Part number BWFF BWCheck BFringe BStrap Pican Int4 Description Black and White Floral Fabric Black and White Checkered Fabric Black Fringe Trim Black Shoulder Strapping Plastic Canvas Interfacing: Level 4 rating Total Quantity Needed Unit Cost 20 $ 300 $ 401 $ 70 $ 10 $ 20 $ Total Cost 6.00 $ 7.00 $ 3.00 $ 2.00 $ 1.00 $ 4.00 $ $ 120.00 210.00 120.00 140.00 10.00 80.00 680.00 Job Cost Record Job Number: 114 Customer or Stock: Stock and Katie's Boutique Job description: Black and White Handbags Date Started: 10/10 Date Completed: 10/11 Quantity: 40 Manufacturing Cost Information: Direct Materials (list Materials Requisition # and cost) Number: #6786 Cost Summary 680 hours Direct Labor Time Rec Time Rec Time Rec Time Rec record 324 325 cost 160 14 210 326 327 156 216 $ 742 Manufacturing Overhead (show calculation of amount allocated) POHR= 9.25 Total Job Cost Number of units Cost per Unit Shipping Information: Date Quantity shipped 14-Oct Units remaining Cost Balance in Inventory Part Number GrFlor FF620 J293 DB524 RD590 Atone BWCheck GrSwirl - PICan Int4 Int 5 RRHPink - BBead - BFringe OGStrap BStrap JoAnne Fabrics- Commercial Division Name Price per yard Green Floral $6.50 Funky Floral $3.25 Jacobean $12.00 Denim Block $8.50 Razzle Dazzle $3.50 Aqua Tone $2.75 Black & White Check $7.00 Green Swirel Green Swirel $9.50 Plastic Canvas $1.00 Interfacing-level 4 $4.00 Interfacing-level 5 $4.50 Rik Rak-Hot Pink $2.751 Black Beads $5.75 Black Fringe $3.00 Olive Green Strapping $2.500 Black Shoulder Strapping $2.00 Part Number CPlaid BWCheck FF620 DB524 BWFF RD590 Atone Hancack Fabrics- Commercial Division Name Price per yard Country Plaid $7.50 Black & White Check $9.00) Funky Floral $3.50 Denim Block $8.75 Black & White Floral $6.00 Razzle Dazzle $4.25 Aqua Tone $3.25 Contemporary Spheres $4.75 Wavy Stripe $5.50 Plastic Canvas $1.00 Interfacing-evel 5 $4.75 Rik Rak- Hot Pink Black Beads $6.001 Scalloped Trim $5.500 Olive Green Strapping $2.751 W5269 PICan Int 5 RRHPink BBead i STB OGStrap $3.000 Labor Time Record Week: 10/8-10/15 Record #: 324 Cost Employee: Tyler David Hourly wage rate: $ Date Job number 8-Oct 9-Oct 10-Oct 11-Oct 12-Oct 10.00 Start Time 113 113| 114 114 115 End Time 8:00 12:00 8:00 8:00| 9: 00 1 Hours 4:00 5:00 4:00 4:00 :00 $80 $50 $80 $80 $40 Labor Time Record Week: 10/8-10/15 15.00 Record #: 325 Cost Start Time 112 $45 Employee: Eli kunde Hourly wage rate: $ Date Job number 8-Oct 9-Oct 10-Oct 11-Oct 12-Oct 113 $60 End Time 8:00 10:00 8:00 8:00 9:00 Hours 11:00 2:00 4:00 2:00 4:00 $120 $90 114 115 $105 Labor Time Record Week: 10/8-10/15 12.00 Record #: 326 Start Time End Time Cost 112 $72 5 Employee: Stephanie Berg 7 Hourly wage rate: $ 3 Date Job number 8-Oct 9-Oct 10-Oct 11-Oct 12-Oct 112 $60 8:00 12:00 8:00 8:00 9:00 Hours 2:001 5:00 1:00 4:00 1:00 $60 ADOLU $96 $48 115 Week: 10/8-10/15 Labor Time Record 8 Employee: Pam Braun 9 Hourly wage rate: $ 18.00 0 Date Job number Start Time End Time 8-Oct 112 8:00 9-Oct 113 9:00 10-Oct 114 8:00 11-Oct 8:00 12-Oct 115 9:00 Record #: 327 Cost $54 $108 an uw Hours 11:00 3:00 4:00 12:00 1:00 General Journal Debit Entry letter Account Credit F G H I J K L M N A B C D E 1 Requirement #1 Use formulas to fill in pink cells in Estimated Annual Costs 4 Requirement #2 5 Find the total quantity needed (pink spaces) using appropriate formulas with cell refernces 7 8 Requirement #3 Use formulas with cell references to fill in the pink spaces 10 Requirement #4 11 Complete the JoAnn Purchase Order #1. Use Vlookup function to find Cost per Yard. 12 Complete the JoAnn Purchase Order #1. Use cell reference formulas to find total cost. Complete the Hancack Purchase Order #2. Use Vlookup function to find Cost per Yard. Complete the Hancack Purchase Order #2. Use cell reference formulas to find total cost. 17 Requirement #5 Complete the materials requisition. Use Vlookup function to find quantity needed and unit cost. 21 Requirement #6, #7, #8, & #9 22 Complete the Job Cost Record - enter the materials requisition and enter cost of material using cell reference enter hours worked for each job ticket using formula and enter cost for each job using formula -show calculation for MOH -use formulas with cell references to complete summary column -in 'Inventory shipped section enter the quanity shipped, units remaining, and use formula with cell refernces to calaculate 'cost balance in inventory NO 30 Requirement #10 31 Select correct account from drop-down list to debit 32 Select correct account from drop-down list to credit 33 Use cell references when needed to enter amount Custom Fabric Ventures Customer Order Form Customer: Katie's Boutique Order Date: 10/2/2012 Order Due Date: 10/15/2012 Description: Black & White Handbag Quantity Unit Sales Price Model Number: BW14923 Total $75 $525 Type of Cost Selling and Administrative salaries and expenses Direct Labor (Estimated 40,000 DL hours @ average wage rate of $12 per hour) Indirect plant labor Estimated total cost for the year $ 210,000 $ 480,000 $ 40,000 $ 50,000 $ 1,400,000 $ 120,000 $ 30,000 $ 140,000 Purchases of direct materials Lease and property taxes on the plant Marketing expenses Depreciation on production equipment (equipment originally costing $700,000 three year ago is being depreciated over a 5 year useful life using straight-line depreciation. No salvage value is expected.) Indirect materials to be used in the plant $ 20,000 POHR S 9.25 Purchase Order Supplier: Jo Ann Fabric Date ordered: 10/3 Date needed by: 10/9 or before Item Number BWCheck Quantity Total Cost Cost per yard 251 $ 70 $ 20 $ Bstrap 140 Int4 IS TOTAL Materials Requisition Number: #6786 Date: 10/10 Job: 114 Part number BWFF BWCheck BFringe BStrap Pican Int4 Description Black and White Floral Fabric Black and White Checkered Fabric Black Fringe Trim Black Shoulder Strapping Plastic Canvas Interfacing: Level 4 rating Total Quantity Needed Unit Cost 20 $ 300 $ 401 $ 70 $ 10 $ 20 $ Total Cost 6.00 $ 7.00 $ 3.00 $ 2.00 $ 1.00 $ 4.00 $ $ 120.00 210.00 120.00 140.00 10.00 80.00 680.00 Job Cost Record Job Number: 114 Customer or Stock: Stock and Katie's Boutique Job description: Black and White Handbags Date Started: 10/10 Date Completed: 10/11 Quantity: 40 Manufacturing Cost Information: Direct Materials (list Materials Requisition # and cost) Number: #6786 Cost Summary 680 hours Direct Labor Time Rec Time Rec Time Rec Time Rec record 324 325 cost 160 14 210 326 327 156 216 $ 742 Manufacturing Overhead (show calculation of amount allocated) POHR= 9.25 Total Job Cost Number of units Cost per Unit Shipping Information: Date Quantity shipped 14-Oct Units remaining Cost Balance in Inventory Part Number GrFlor FF620 J293 DB524 RD590 Atone BWCheck GrSwirl - PICan Int4 Int 5 RRHPink - BBead - BFringe OGStrap BStrap JoAnne Fabrics- Commercial Division Name Price per yard Green Floral $6.50 Funky Floral $3.25 Jacobean $12.00 Denim Block $8.50 Razzle Dazzle $3.50 Aqua Tone $2.75 Black & White Check $7.00 Green Swirel Green Swirel $9.50 Plastic Canvas $1.00 Interfacing-level 4 $4.00 Interfacing-level 5 $4.50 Rik Rak-Hot Pink $2.751 Black Beads $5.75 Black Fringe $3.00 Olive Green Strapping $2.500 Black Shoulder Strapping $2.00 Part Number CPlaid BWCheck FF620 DB524 BWFF RD590 Atone Hancack Fabrics- Commercial Division Name Price per yard Country Plaid $7.50 Black & White Check $9.00) Funky Floral $3.50 Denim Block $8.75 Black & White Floral $6.00 Razzle Dazzle $4.25 Aqua Tone $3.25 Contemporary Spheres $4.75 Wavy Stripe $5.50 Plastic Canvas $1.00 Interfacing-evel 5 $4.75 Rik Rak- Hot Pink Black Beads $6.001 Scalloped Trim $5.500 Olive Green Strapping $2.751 W5269 PICan Int 5 RRHPink BBead i STB OGStrap $3.000 Labor Time Record Week: 10/8-10/15 Record #: 324 Cost Employee: Tyler David Hourly wage rate: $ Date Job number 8-Oct 9-Oct 10-Oct 11-Oct 12-Oct 10.00 Start Time 113 113| 114 114 115 End Time 8:00 12:00 8:00 8:00| 9: 00 1 Hours 4:00 5:00 4:00 4:00 :00 $80 $50 $80 $80 $40 Labor Time Record Week: 10/8-10/15 15.00 Record #: 325 Cost Start Time 112 $45 Employee: Eli kunde Hourly wage rate: $ Date Job number 8-Oct 9-Oct 10-Oct 11-Oct 12-Oct 113 $60 End Time 8:00 10:00 8:00 8:00 9:00 Hours 11:00 2:00 4:00 2:00 4:00 $120 $90 114 115 $105 Labor Time Record Week: 10/8-10/15 12.00 Record #: 326 Start Time End Time Cost 112 $72 5 Employee: Stephanie Berg 7 Hourly wage rate: $ 3 Date Job number 8-Oct 9-Oct 10-Oct 11-Oct 12-Oct 112 $60 8:00 12:00 8:00 8:00 9:00 Hours 2:001 5:00 1:00 4:00 1:00 $60 ADOLU $96 $48 115 Week: 10/8-10/15 Labor Time Record 8 Employee: Pam Braun 9 Hourly wage rate: $ 18.00 0 Date Job number Start Time End Time 8-Oct 112 8:00 9-Oct 113 9:00 10-Oct 114 8:00 11-Oct 8:00 12-Oct 115 9:00 Record #: 327 Cost $54 $108 an uw Hours 11:00 3:00 4:00 12:00 1:00 General Journal Debit Entry letter Account CreditStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started