Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I'm really confused on how to get started and layout! pick any recipe you want because im going to use my own numbers and recipe

I'm really confused on how to get started and layout! pick any recipe you want because im going to use my own numbers and recipe later i just dont understand the number crunching. thank you
image text in transcribed
image text in transcribed
image text in transcribed
Project Summary: The local bakery has decided they want to produce a new product to sell to customers. The bakery utilizes job order costing, and a job cost sheet will be used to summarize all costs. The bakery uses direct labor hours as the allocation base to apply manufacturing overhead to a job. The bakery estimates $50,000 in total manufacturing overhead costs and estimates 10,000 total direct labor hours in the year. Project Requirements: 1. Develop and complete a job cost sheet. 2. Choose any bakery product to produce, find or create a recipe, and determine job (batch) size. 3. Break down and list all ingredients, research cost of ingredients, and calculate total direct material cost. 4. Determine production tasks (i.e., mixer, baker, quality control, etc.), assign each production task an hourly wage, and calculate total direct labor cost. 5. From the information provided in the project summary, calculate the bakery wide predetermined overhead rate for manufacturing overhead using direct labor hours as the allocation base. 6. Apply manufacturing overhead to the job. 7. Calculate total job cost. 8. Calculate unit product cost. Job Cost Sheet Example Product: Job (batch) size: Direct Materials Ingredient Cost per unit of Quantity measurement Needed EXAMPLE Sugar $1.00 per lb 2 lbs Direct Labor Hours Rate Task Manufacturing Overhead Hours Rate $ Amount Amount Amount $2.00 Cost Summary Direct Materials Direct Labor Manufacturing Overhead Total Job Cost Unit Product Cost Project Summary: The local bakery has decided they want to produce a new product to sell to customers. The bakery utilizes job order costing, and a job cost sheet will be used to summarize all costs. The bakery uses direct labor hours as the allocation base to apply manufacturing overhead to a job. The bakery estimates $50,000 in total manufacturing overhead costs and estimates 10,000 total direct labor hours in the year. Project Requirements: 1. Develop and complete a job cost sheet. 2. Choose any bakery product to produce, find or create a recipe, and determine job (batch) size. 3. Break down and list all ingredients, research cost of ingredients, and calculate total direct material cost. 4. Determine production tasks (i.e., mixer, baker, quality control, etc.), assign each production task an hourly wage, and calculate total direct labor cost. 5. From the information provided in the project summary, calculate the bakery wide predetermined overhead rate for manufacturing overhead using direct labor hours as the allocation base. 6. Apply manufacturing overhead to the job. 7. Calculate total job cost. 8. Calculate unit product cost. Job Cost Sheet Example Product: Job (batch) size: Direct Materials Ingredient Cost per unit of Quantity measurement Needed EXAMPLE Sugar $1.00 per lb 2 lbs Direct Labor Hours Rate Task Manufacturing Overhead Hours Rate $ Amount Amount Amount $2.00 Cost Summary Direct Materials Direct Labor Manufacturing Overhead Total Job Cost Unit Product Cost

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Management Accounting Text Problems And Cases

Authors: M Y Khan, P K Jain

6th Edition

125902668X, 978-1259026683

More Books

Students also viewed these Accounting questions