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Week 3 - Job Costing Activity Course Outcomes Interpret costs and behavior concepts tied to the management planning and decision making process. Recommend accounting practices that support the planning, directing, controlling and decision-making activities of managers through the practice of case studies. Evaluate the outcomes of past financial operations to predict future decisions. Develop business decisions based on financial data. Evaluate an organization's strategies and recommend improvements to maximize the economic benefits to a firm. Program Outcomes Record and report financial information using Generally Accepted Accounting Principles (GAAP). Solve technology challenges, maintain systems, analyze data, and communicate results using business related computer applications. Integrate theory, knowledge and technology to interpret financial and non-financial information to aid decision makers within the organization. Institutional Outcomes Information Literacy and Communication - Utilize appropriate current technology and resources to locate and evaluate information needed to accomplish a goal, and then communicate findings in visual, written and/or oral formats. Relational Learning - Transfer knowledge, skills and behaviors acquired through formal and informal learning and life experiences to new situations. Thinking Abilities - Employ strategies for reflection on learning and practice in order to adjust learning processes for continual improvement. Required: Use the template provided, save it to your desktop and then upload and submit your assignment. By the end of Week 4, you will review the data of Northwood Company and prepare journal entries to record activity and prepare an income statement for the year. This item will be reviewed by your instructor with any necessary feedback given to support your project moving forward. Review the Scenario and answer the following questions. The company has a ball that sells for $25. All the company's transactions are cash sales. The company uses a job-order costing system in which overhead is applied to jobs onthe basis of direct-labor cost. Its predetermined overhead rate is based on a cost formual that estimated $330,000 of manufacturing overhead for an estimated activity level of $200,000 direct labor dollars. At the beginning of the year, the inventory balances were as follows: Raw Material Work in process Finished Goods $25,000 10,000 40,000 During the year, the following transactions were completed: a) Raw materials purchased for cash $275,000 b) Raw materials requisitioned for use in production, $280,000 (materials costing $220,000 were charged directly to jobs; the remaining materials were indirect). c) Costs for employee services were incurred as follows: Direct Labor Indirect Labor Sales commissions Administrative salaries $180,000 72,000 63,000 90,000 d) Rent for the year was $18,000 ($13,000 of this amount related to factory operations, and the remainder related to selling and administrative activities). e) Utililty costs incurred, $57,000 f) Advertising costs incurred, $140,000 g) Depreciation recorded on equipment $100,000 ($88,000 of this amount was on equipment used in factory operations; the remaining $12,000 was on equipment used in selling and administrative activities; the building has been fully depreciated). h) Manufacturing overhead cost was applied to jobs, $_____?_____ i) Goods that had cost $675,000 to manufacture according to their job cost sheets were completed. j) The company sold 50,000 basketballs for the year. k) The total cost to manufacture these goods according to their job cost sheets was $700,000. These costs are all variable. Requirements 1. 2. 3. 4. Prepare journal entries to record the transactions for the year. Prepare T-accounts for inventories, Manufacturing Overhead and Cost of Goods Sold. (Don't forget beginning balances) Is Manufacturing Overhead under or overapplied for the year? Prepare a journal entry to close any balance to Cost of Goods Sold. Prepare an income statement for the year. CRITERIA 100% Exemplary 100 - 90 % points Profcient 89 - 80% Needs Work 79 - 0 % Job Costing Requirements: Journal entries are correct and in proper form. Calculations are correct T-accounts are prepared Income statement is correct and in proper format. 1. Prepared and completed requirements; zero to two errors. 1. Prepared and completed requirements; three to fve errors. 1. Prepared and completed requirements format; six or more errors. % Earned 1. DR 2. Raw Materials Finished Goods Work in Process Manufacturing Overhead CR Cost of Goods Sold 3. 4