Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Job Order Costing John and Sam went to college together, and both majored in computer science. A few years ago, they formed a computer company

Job Order Costing John and Sam went to college together, and both majored in computer science. A few years ago, they formed a computer company called Synergy, Inc. Synergy Inc. is a manufacturer of enterprise management systems. Assume that the company has a division that does custom jobs for large clients. Production costs are accounted for using a job cost system. Suppose that at the beginning of the month, raw materials inventory totaled $8,000, manufacturing supplies amounted to $1,800, and two jobs were in process Job 355 with assigned costs of $18,750 and Job 356 with assigned costs of $2,800, and there were no finished goods inventories. There was no under-applied or over-applied manufacturing overhead on the first day of the month. The following information summarized the months manufacturing activities: Synergy purchased raw material costing $50,000 on account. Synergy purchased manufacturing supplies costing $9,000. The manager process requisitioned materials for the various jobs in process. The requisitioned material needed to complete Job 356 was $5,200. Synergy started two new jobs and assigned those numbers 357 and 358. The requisitioned direct materials for 357 was $19,000, and 358 was $15,500. Direct labor costs for the month were incurred at a rate of $20.00 per hour. Job 355 needed 600 hours. Job 356 needed 1,600 hours. Job 357 needed 2,100 hours. Job 358 needed 900 hours. Manufacturing supplies used for the month totaled $6,500. Synergy recognized depreciation on factory assets of $5,000. The company incurred miscellaneous manufacturing overhead cost of $22,750 on account. The company applied manufacturing overhead at a rate of $8.00 per direct labor hour. The following jobs were completed in the month: Jobs 355, 356, and 357. The following jobs were delivered to customers: Jobs 355 and 356.

1. Prepare in good form a Statement of Costs of Goods Manufactured for the month.

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

Step: 3

blur-text-image

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

Audit Skill Management Ref PPAP ISO 9000 And ISO 14000 Series

Authors: FULBODH CHAUDHARY

1st Edition

1520470843, 978-1520470849

More Books

Students also viewed these Accounting questions

Question

Design a health and safety policy.

Answered: 1 week ago