Job Costing Accounting help

Here is all the Pre Info for this lab This is a multipart quesiton

Here are the questions needed to be filled out with some info mixed in. The blanks are things needed to be filled out.

Only blank spaces need to be filled in. Some info like on hours worked in mixed into the question pictures.

COMPANY DESCRIPTION AND OVERVIEW Tonia Odenburg and Tara Evans were life-long friends. One earned a degree in accounting and the other became a nutritionist. Both were accomplished seamstresses, were concerned about the impact plastic grocery bags had on the environment and had created reusable grocery bags for their personal use. After numerous compliments on the design and strength of their bags from store clerks and customers, they developed a business plan and started T.O.T.E.S. They called their version of the grocery bag a tote and sold them to grocery stores and small community farms. The company has grown rapidly and is now operating near capacity. EMPLOYEES Tonia is the president and Tara is the controller. Both individuals work full time and are salaried. Other employees include: Full-Time Salaried Employees: O Plant manager o Plant maintenance supervisor o Other administrative staff (accountant, receptionist, finished goods warehouse manager) Hourly Employees: o 3 employee(s) in the cutting department o 2 employee(s) in the sewing department Part-time employee who operates the machine that prints logos on the totes. The hourly employees are all considered direct labor employees. Historically, the hourly employees earn an average of $20 per hour, including fringe benefits and payroll taxes. All hourly employees work 40 hours each week, except for the part-time employee who works 20 hours each week. MATERIALS Each grocery bag requires 1/4 yard of 60" wide fabri fabric costs $3.60 per yard. Webbing costs $0.76 per yard. Threa an indirect material. After the totes pass quality control they are silk- spools and is considered an indirect material. After the totes the T.O.T.E.S. label is attached. Both the logo ink and the company labels are indirect materials. MANUFACTURING OVERHEAD T.O.T.E.S. allocates manufacturing overhead using a plantwide overhead rate based on machine hours in the cutting department. The cutting machines operate 95% of the hours worked by the cutting department employees. The plant operates 50 weeks per year. INVENTORY T.O.T.E.S. operates on a just-in-time basis in regards to both raw materials and finished goods. Work-in-process inventory is negligible at the end of each month. The company has found that it needs to have 20% of the following month's production requirements on hand at the end of each month in order to meet sales projections. They plan to have 5% of the fabric and 10% of the webbing required for the following month's production on hand at the end of each month. SALES FORECAST In the upcoming year, T.O.T.E.S. management forecasted sales of 500,000 totes. Each tote sells for $4.95. Tara estimated annual revenue and expenses based on that level of sales and production. Her estimates are shown on Exhibit 1-A. 1) Use this Excel workbook to create an operating budget for T.O.T.ES for the upcoming reor. Enter eoch account individually in the correct classification. Use formulas to calculate Total Product Costs, Gross Profit, Selling, General and Adminstrative costs, Totol Period Costs and Net Operating Income (Loss) Bring laptop/mobile device to class to complete workbook or to show documentation to TA for Exhibit 1-8 TO.T.E.S. Operating Budget -20%OC 5 2,475,000 600,000 570,000 $ $ 120,000 7,500 80,000 Total Cost of Goods Sold Total Costs = Total Period Costs = 1,686,300 2,323,000 636,700 $ $ SALES REVENUES COST OF GOODS SOLD COSTS (at standard) Direct Materials Fabric Webbing Direct Labor Wages - Cutting Department Wages - Printing Department Wages - Sewing Department Manufacturing Overhead Company abas Deoreeann-Seniga/es and Qurg/a/ wes Facy Letras Arsuarave Fland Logo Ala/ainence Superior Alan Manager Ar-Rabatting Aspais anainence 779 COSTS) GROSS PROFIT SELLING, GENERAL AND ADMINISTRATIVE COSTS Awstanie Ohre Suportes Activirare la 4ware Award Fringe Astering Trace Sun's: Trace/& Eventainer Danza Asia uwe Equmenn Esquelas 4 v eces Execudie Salanes This section is for all product costs - 2 direct materials, 3 direct labor 2. 10 manufacturing overhead accounts. $ 4,200 7,600 38,000 14,000 26,000 32,000 68,000 42,000 27,000 50,000 $ $ 5 1,686,300 788,700 $ $ $ 3,600 125,000 115,800 46,000 2,450 5,000 160,000 2,500 9,000 5,000 11,000 99,000 12,000 40,350 $ $ $ $ $ $ $ This section is for all period costs. 3 *a* Aswance Companykabiley Legalawasna/ AK 4 Bowling Sales CONTINS | $ $ Shenayakarunyarwadpatient TOTAL PERIOD COSTS 636.700 OPERATING INCOME 5 152,000 Hint: Operating income will equal $152,000. LAB 2 T.O.T.E.S. currently uses a job costing system to allocate costs to each job. Although their products are Very similar, each customer requires a different logo on their custom tote. Furthermore, Tonia and Tara have started experimenting with different sizes and lines of product in order to expand their market. Lab 2 has three parts - calculating standard costs, allocating costs to a specific job, and recording the flow of costs for that job. PART 1: Using the data from Lab 1 and the Company Description, students determine standard costs for direct materials, direct labor and for applied manufacturing overhead. T.O.T.E.S. uses machine hours in the cutting department for allocating manufacturing overhead. Historical records show the cutting machines operate for 95% of the hours worked by the cutting department employees. The plant operates 50 weeks per year. The company has two cutting machines. Each machine can cut 150 totes each hour. On Exhibit 2-A, calculate the standard number of direct labor hours (DLH) per tote for each activity in Step 1; calculate the estimated cutting machine hours (MH) per tote in Step 2; calculate the estimated total machine-hours per year in Step 3; and calculate the plantwide manufacturing overhead rate in Step 4. Using this information, create a Standard Cost Card for totes in Exhibit 2-B. Costs for each job are tracked using a Job Cost Record (Exhibit 2-C). Copies of the and Labor Time Records have been copied so that students can complete the Job Materials Requisition form and Labor Time Records have been conied Complete the Materials Requisition document to calculate total cost of materials Cost Record for Job #2543. Complete the Materials Requi eted but not shipped at the end of the month. for lob #2543. All totes were completed but not shipped at the end Wibit 2-D. record the flow of costs for Job #2543 through the company's inventory PART 3: Using Exhibit 2-D, record the flow of costs fo Finished Goods) to Cost of Goods Sold when product is shipped. accounts (Raw Materials, Work in Process, Finished Goods T.O.T.E.S. CASE STUDY - HOODOO All information is found in the Company Description and Information section and Lab 1. EXHIBIT 2-A: Calculate Standard Direct Labor Hours, Machine Hours & Predetermined Overhead Rate T.O.T.E.S. CALCULATING STANDARD COSTS Forecasted Production per year 500,000 totes DIRECT LABOR ACTIVITY STEP 1: Calculate Standard Direct Labor Hours per tote Cutting Sewing Printing a. Enter average number of hours worked per week per employee b. Number of weeks plant operates each year c. Number of employees for each activity d. Total Direct labor hours (DLH) per year (a*b*c) e. DLH per tote (Step 1d + # totes produced) Round to 4 decimal places 1605050 totes/MH STEP 2: Calculate Estimated Cutting Machine-Hours (MH) per tote a. Production capacity for ONE cutting machine b. Machine-hours per tote ( 1 = Step 2a amount) Round to 4 decimal places MH/tote STEP 3: Calculate Machine-Hours used per year a. 95% of Total Cutting Direct-Labor Hours (from Step 1d) MH/year STEP 4: Calculate Predetermined Overhead Rate (PDOHR) and Standard MOH per tote a. Total Estimated Manufacturing Overhead (from Exhibit 1-B) b. Total machine-hours per year (from Step 3A) c. Predetermined Overhead Rate (Step 4a -Step 4b) Round to 4 decimal places $ MH per MH T.O.T.E.S. CASE STUDY - HOODOO met for each tote for the current year's production level using information Calculate the standard cost for each tote for the standard costs to four (4) decimal places. from Exhibit 1-A and 1-B. Round all standard costs to four (4) decir EXHIBIT 2-B: Standard Cost Card T.O.T.E.S. CALCULATING STANDARD COSTS Forecasted Production per year 500,000 totes Total Cost (for 500,000 totes) Standard Cost (cost per tote DIRECT MATERIALS Fabric Webbing Total Direct Materials Cost per Tote (Round to 4 decimal places) DIRECT LABOR Cutting Sewing AMA Printing Total Direct Labor Cost per Tote (Round to 4 decimal places) MANUFACTURING OVERHEAD Estimated MOH Costs (Round per tote to 4 decimal places) Total Product Cost per Tote (Round to 4 decimal places) Costs for each job are tracked using a Job Cost Record (Exhibit 2-C). The Job Cost Record is found after copies of the Materials Requisition form and Labor Time Records for the period. Use the information on these documents to complete the Job Cost Record for Phineas Phil's Specialty Market order of 1,000 red grocery totes with logos. T.O.T.E.S. CASE STUDY - HOODOO Use the data from the following company documents to complete the Job Cost Record for Job #2543. Any missing data will be found in the Company Description and Information section and Lab 1. On the labor time records the employees worked on more than one job, make sure you only include the hours for Job #2543 Materials Requisition Number: #450 Date: 5/24/20XX Job #: 2543 Unit Unit Cost Amount Part # FA223 W3 Description Red Cordura Fabric Black webbing yard Ouantity 335 1,600 yard Total $ Labor Time Record Employee: Jacey Mayfield Week: 5/23-5/29 Hourly Wage Rate: $16.00 Record #: 299 Department: Cutting Date Llob Number Start Time End Time Hours Cost 5/2322108:3013:30 5.00 $ 80.00 5/23 2518 15:30 17:00 1.50 $ 24.00 5/25 2543 7:30 1 2:00 4.50 $ 72.00 5/26 2543 13:00 1 6:30 3.50 $ 56.00 5/271 2468 13:15 17:00 3.75 $ 60.00 T.O.T.E.S. CASE STUDY - HOODOO Labor Time Record Week: 5/24-5/30 Record #: 201 Employee: John Smith Hourly Wage Rate: $16.00 Department: Sewing Date Job Number Start Time 5/26 2152 8:00 5/26 2210 13:00 5/27 2518 8:00 5/27 2518 13:00 5/28) 2543 8:00 5/30 2543 8:00 5/30 2468 12:00 End Time 12:00 17:00 12:00 17:00 12:00 10:00 17:00 Hours s 4.00 $ 4.00 $ 4.00 $ 4.00 S 4.00 $ 2.00 $ 5.00 $ Cost 64.00 64.00 64.00 64.00 64.00 32.00 80.00 Labor Time Record Week: Record #: 5/24-5/30 1205 Employee: Tonia Springfield Hourly Wage Rate: $19.00 Department: Sewing Date Job Number Start Time 5/24 2210 7:30 5/23 2210 13:00 5/24 2387 7:30 5/24 2 543 12:30 5/24 2 543 7:30 5/24 2698 12:30 End Time 12:00 16:00 11:30 16:00 10:00 16:30 Hours 4.50 $ 3.00 $ 4.00 $ 3.50 $ 2.50 S 6.00 $ Cost 85.50 57.00 76.00 66.50 47.50 114.00 Week: 524580 Record #: 876 Labor Time Record Employee: Manson Hourly Wage Rate: $10.00 Department: Parting Date Job Number Start Time End Time Hours 293 800 1200 400 $ 520 2015 900 1200 300 $ 251 800 200 400 $ 2887 128 $ 2561015200 175 $ 26 1030 1700 090 $ 50 Cost 400 3000 2000 1290 17.0 500 900 1015 T.O.T.E.S. CASE STUDY - HOODOO EXHIBIT 2-C: Job Cost Record for Phineas Phil's Specialty Market order Job Cost Record Job Number: 2543 Customer: Phineas Phil's Specialty Market Job Description Red T.O.T.E.S. with Logo Quantity: 1,000 Date Started: 5/24/20XX Date Completed: 5/30/20XX HINTS: Manufacturing Cost Information Direct Materials Requisition # Amount Total Amount Direct Labor Dept. Record # DLH Amount Total Amount Remember to only record ONLY the time spent on this job! Use cutting DLH to calculate machine hours for MOH. Manufacturing Overhead Quantity Total Amount Remember Applied MOH= Actual driver * Predetermined OH Rate $ Amount Machine Hours (95% of Cutting DLH) Predetermined Overhead Rate (Exhibit 2-A) Cost Summary Direct Materials Direct Labor Manufacturing Overhead Total Product Cost Number of Units Unit Product Cost Round to 4 decimal places T.O.T.E.S. CASE STUDY - HOODOO completed and shipped. The remaining 100 totes are At the end of the month, 900 totes were completed and the customer. The cost accountant uses the cost summary data complete but have not been shipped to the customer. The co record the flow of costs for Job #2543 on Exhibit 2-D (you can use from the Job Cost Card (Exhibit 2-C) to record the flow of costs for loh othod). Do not worry about over- or underapplied overhead at this either the t-accounts or the columnar method). Do not worry about time. EXHIBIT 2-D: T-accounts to record cost flows for Job #2543 Raw Materials 20,850 WIP 1,500 BB $ BB $ Finished Goods 2,500 COGS no BB $ BB EXHIBIT 2-D: Columnar method to record cost flows for Job #2543 Raw Materials WIP Finished Goods COGS Beg, Balance 20,850 $ 1,500 $ 2,500 $ Ending Balance COMPANY DESCRIPTION AND OVERVIEW Tonia Odenburg and Tara Evans were life-long friends. One earned a degree in accounting and the other became a nutritionist. Both were accomplished seamstresses, were concerned about the impact plastic grocery bags had on the environment and had created reusable grocery bags for their personal use. After numerous compliments on the design and strength of their bags from store clerks and customers, they developed a business plan and started T.O.T.E.S. They called their version of the grocery bag a tote and sold them to grocery stores and small community farms. The company has grown rapidly and is now operating near capacity. EMPLOYEES Tonia is the president and Tara is the controller. Both individuals work full time and are salaried. Other employees include: Full-Time Salaried Employees: O Plant manager o Plant maintenance supervisor o Other administrative staff (accountant, receptionist, finished goods warehouse manager) Hourly Employees: o 3 employee(s) in the cutting department o 2 employee(s) in the sewing department Part-time employee who operates the machine that prints logos on the totes. The hourly employees are all considered direct labor employees. Historically, the hourly employees earn an average of $20 per hour, including fringe benefits and payroll taxes. All hourly employees work 40 hours each week, except for the part-time employee who works 20 hours each week. MATERIALS Each grocery bag requires 1/4 yard of 60" wide fabri fabric costs $3.60 per yard. Webbing costs $0.76 per yard. Threa an indirect material. After the totes pass quality control they are silk- spools and is considered an indirect material. After the totes the T.O.T.E.S. label is attached. Both the logo ink and the company labels are indirect materials. MANUFACTURING OVERHEAD T.O.T.E.S. allocates manufacturing overhead using a plantwide overhead rate based on machine hours in the cutting department. The cutting machines operate 95% of the hours worked by the cutting department employees. The plant operates 50 weeks per year. INVENTORY T.O.T.E.S. operates on a just-in-time basis in regards to both raw materials and finished goods. Work-in-process inventory is negligible at the end of each month. The company has found that it needs to have 20% of the following month's production requirements on hand at the end of each month in order to meet sales projections. They plan to have 5% of the fabric and 10% of the webbing required for the following month's production on hand at the end of each month. SALES FORECAST In the upcoming year, T.O.T.E.S. management forecasted sales of 500,000 totes. Each tote sells for $4.95. Tara estimated annual revenue and expenses based on that level of sales and production. Her estimates are shown on Exhibit 1-A. 1) Use this Excel workbook to create an operating budget for T.O.T.ES for the upcoming reor. Enter eoch account individually in the correct classification. Use formulas to calculate Total Product Costs, Gross Profit, Selling, General and Adminstrative costs, Totol Period Costs and Net Operating Income (Loss) Bring laptop/mobile device to class to complete workbook or to show documentation to TA for Exhibit 1-8 TO.T.E.S. Operating Budget -20%OC 5 2,475,000 600,000 570,000 $ $ 120,000 7,500 80,000 Total Cost of Goods Sold Total Costs = Total Period Costs = 1,686,300 2,323,000 636,700 $ $ SALES REVENUES COST OF GOODS SOLD COSTS (at standard) Direct Materials Fabric Webbing Direct Labor Wages - Cutting Department Wages - Printing Department Wages - Sewing Department Manufacturing Overhead Company abas Deoreeann-Seniga/es and Qurg/a/ wes Facy Letras Arsuarave Fland Logo Ala/ainence Superior Alan Manager Ar-Rabatting Aspais anainence 779 COSTS) GROSS PROFIT SELLING, GENERAL AND ADMINISTRATIVE COSTS Awstanie Ohre Suportes Activirare la 4ware Award Fringe Astering Trace Sun's: Trace/& Eventainer Danza Asia uwe Equmenn Esquelas 4 v eces Execudie Salanes This section is for all product costs - 2 direct materials, 3 direct labor 2. 10 manufacturing overhead accounts. $ 4,200 7,600 38,000 14,000 26,000 32,000 68,000 42,000 27,000 50,000 $ $ 5 1,686,300 788,700 $ $ $ 3,600 125,000 115,800 46,000 2,450 5,000 160,000 2,500 9,000 5,000 11,000 99,000 12,000 40,350 $ $ $ $ $ $ $ This section is for all period costs. 3 *a* Aswance Companykabiley Legalawasna/ AK 4 Bowling Sales CONTINS | $ $ Shenayakarunyarwadpatient TOTAL PERIOD COSTS 636.700 OPERATING INCOME 5 152,000 Hint: Operating income will equal $152,000. LAB 2 T.O.T.E.S. currently uses a job costing system to allocate costs to each job. Although their products are Very similar, each customer requires a different logo on their custom tote. Furthermore, Tonia and Tara have started experimenting with different sizes and lines of product in order to expand their market. Lab 2 has three parts - calculating standard costs, allocating costs to a specific job, and recording the flow of costs for that job. PART 1: Using the data from Lab 1 and the Company Description, students determine standard costs for direct materials, direct labor and for applied manufacturing overhead. T.O.T.E.S. uses machine hours in the cutting department for allocating manufacturing overhead. Historical records show the cutting machines operate for 95% of the hours worked by the cutting department employees. The plant operates 50 weeks per year. The company has two cutting machines. Each machine can cut 150 totes each hour. On Exhibit 2-A, calculate the standard number of direct labor hours (DLH) per tote for each activity in Step 1; calculate the estimated cutting machine hours (MH) per tote in Step 2; calculate the estimated total machine-hours per year in Step 3; and calculate the plantwide manufacturing overhead rate in Step 4. Using this information, create a Standard Cost Card for totes in Exhibit 2-B. Costs for each job are tracked using a Job Cost Record (Exhibit 2-C). Copies of the and Labor Time Records have been copied so that students can complete the Job Materials Requisition form and Labor Time Records have been conied Complete the Materials Requisition document to calculate total cost of materials Cost Record for Job #2543. Complete the Materials Requi eted but not shipped at the end of the month. for lob #2543. All totes were completed but not shipped at the end Wibit 2-D. record the flow of costs for Job #2543 through the company's inventory PART 3: Using Exhibit 2-D, record the flow of costs fo Finished Goods) to Cost of Goods Sold when product is shipped. accounts (Raw Materials, Work in Process, Finished Goods T.O.T.E.S. CASE STUDY - HOODOO All information is found in the Company Description and Information section and Lab 1. EXHIBIT 2-A: Calculate Standard Direct Labor Hours, Machine Hours & Predetermined Overhead Rate T.O.T.E.S. CALCULATING STANDARD COSTS Forecasted Production per year 500,000 totes DIRECT LABOR ACTIVITY STEP 1: Calculate Standard Direct Labor Hours per tote Cutting Sewing Printing a. Enter average number of hours worked per week per employee b. Number of weeks plant operates each year c. Number of employees for each activity d. Total Direct labor hours (DLH) per year (a*b*c) e. DLH per tote (Step 1d + # totes produced) Round to 4 decimal places 1605050 totes/MH STEP 2: Calculate Estimated Cutting Machine-Hours (MH) per tote a. Production capacity for ONE cutting machine b. Machine-hours per tote ( 1 = Step 2a amount) Round to 4 decimal places MH/tote STEP 3: Calculate Machine-Hours used per year a. 95% of Total Cutting Direct-Labor Hours (from Step 1d) MH/year STEP 4: Calculate Predetermined Overhead Rate (PDOHR) and Standard MOH per tote a. Total Estimated Manufacturing Overhead (from Exhibit 1-B) b. Total machine-hours per year (from Step 3A) c. Predetermined Overhead Rate (Step 4a -Step 4b) Round to 4 decimal places $ MH per MH T.O.T.E.S. CASE STUDY - HOODOO met for each tote for the current year's production level using information Calculate the standard cost for each tote for the standard costs to four (4) decimal places. from Exhibit 1-A and 1-B. Round all standard costs to four (4) decir EXHIBIT 2-B: Standard Cost Card T.O.T.E.S. CALCULATING STANDARD COSTS Forecasted Production per year 500,000 totes Total Cost (for 500,000 totes) Standard Cost (cost per tote DIRECT MATERIALS Fabric Webbing Total Direct Materials Cost per Tote (Round to 4 decimal places) DIRECT LABOR Cutting Sewing AMA Printing Total Direct Labor Cost per Tote (Round to 4 decimal places) MANUFACTURING OVERHEAD Estimated MOH Costs (Round per tote to 4 decimal places) Total Product Cost per Tote (Round to 4 decimal places) Costs for each job are tracked using a Job Cost Record (Exhibit 2-C). The Job Cost Record is found after copies of the Materials Requisition form and Labor Time Records for the period. Use the information on these documents to complete the Job Cost Record for Phineas Phil's Specialty Market order of 1,000 red grocery totes with logos. T.O.T.E.S. CASE STUDY - HOODOO Use the data from the following company documents to complete the Job Cost Record for Job #2543. Any missing data will be found in the Company Description and Information section and Lab 1. On the labor time records the employees worked on more than one job, make sure you only include the hours for Job #2543 Materials Requisition Number: #450 Date: 5/24/20XX Job #: 2543 Unit Unit Cost Amount Part # FA223 W3 Description Red Cordura Fabric Black webbing yard Ouantity 335 1,600 yard Total $ Labor Time Record Employee: Jacey Mayfield Week: 5/23-5/29 Hourly Wage Rate: $16.00 Record #: 299 Department: Cutting Date Llob Number Start Time End Time Hours Cost 5/2322108:3013:30 5.00 $ 80.00 5/23 2518 15:30 17:00 1.50 $ 24.00 5/25 2543 7:30 1 2:00 4.50 $ 72.00 5/26 2543 13:00 1 6:30 3.50 $ 56.00 5/271 2468 13:15 17:00 3.75 $ 60.00 T.O.T.E.S. CASE STUDY - HOODOO Labor Time Record Week: 5/24-5/30 Record #: 201 Employee: John Smith Hourly Wage Rate: $16.00 Department: Sewing Date Job Number Start Time 5/26 2152 8:00 5/26 2210 13:00 5/27 2518 8:00 5/27 2518 13:00 5/28) 2543 8:00 5/30 2543 8:00 5/30 2468 12:00 End Time 12:00 17:00 12:00 17:00 12:00 10:00 17:00 Hours s 4.00 $ 4.00 $ 4.00 $ 4.00 S 4.00 $ 2.00 $ 5.00 $ Cost 64.00 64.00 64.00 64.00 64.00 32.00 80.00 Labor Time Record Week: Record #: 5/24-5/30 1205 Employee: Tonia Springfield Hourly Wage Rate: $19.00 Department: Sewing Date Job Number Start Time 5/24 2210 7:30 5/23 2210 13:00 5/24 2387 7:30 5/24 2 543 12:30 5/24 2 543 7:30 5/24 2698 12:30 End Time 12:00 16:00 11:30 16:00 10:00 16:30 Hours 4.50 $ 3.00 $ 4.00 $ 3.50 $ 2.50 S 6.00 $ Cost 85.50 57.00 76.00 66.50 47.50 114.00 Week: 524580 Record #: 876 Labor Time Record Employee: Manson Hourly Wage Rate: $10.00 Department: Parting Date Job Number Start Time End Time Hours 293 800 1200 400 $ 520 2015 900 1200 300 $ 251 800 200 400 $ 2887 128 $ 2561015200 175 $ 26 1030 1700 090 $ 50 Cost 400 3000 2000 1290 17.0 500 900 1015 T.O.T.E.S. CASE STUDY - HOODOO EXHIBIT 2-C: Job Cost Record for Phineas Phil's Specialty Market order Job Cost Record Job Number: 2543 Customer: Phineas Phil's Specialty Market Job Description Red T.O.T.E.S. with Logo Quantity: 1,000 Date Started: 5/24/20XX Date Completed: 5/30/20XX HINTS: Manufacturing Cost Information Direct Materials Requisition # Amount Total Amount Direct Labor Dept. Record # DLH Amount Total Amount Remember to only record ONLY the time spent on this job! Use cutting DLH to calculate machine hours for MOH. Manufacturing Overhead Quantity Total Amount Remember Applied MOH= Actual driver * Predetermined OH Rate $ Amount Machine Hours (95% of Cutting DLH) Predetermined Overhead Rate (Exhibit 2-A) Cost Summary Direct Materials Direct Labor Manufacturing Overhead Total Product Cost Number of Units Unit Product Cost Round to 4 decimal places T.O.T.E.S. CASE STUDY - HOODOO completed and shipped. The remaining 100 totes are At the end of the month, 900 totes were completed and the customer. The cost accountant uses the cost summary data complete but have not been shipped to the customer. The co record the flow of costs for Job #2543 on Exhibit 2-D (you can use from the Job Cost Card (Exhibit 2-C) to record the flow of costs for loh othod). Do not worry about over- or underapplied overhead at this either the t-accounts or the columnar method). Do not worry about time. EXHIBIT 2-D: T-accounts to record cost flows for Job #2543 Raw Materials 20,850 WIP 1,500 BB $ BB $ Finished Goods 2,500 COGS no BB $ BB EXHIBIT 2-D: Columnar method to record cost flows for Job #2543 Raw Materials WIP Finished Goods COGS Beg, Balance 20,850 $ 1,500 $ 2,500 $ Ending Balance