NSU Printing, Inc. produces three types of textbooks: ACCT, BADM, and MIS. The textbooks have to go through three different departments: Printing, Binding, and Packaging. Since each textbook is different, the Printing department uses Job Costing to account for the costs of each type of textbook. Once the textbooks are printed, they are sent to the Binding department where all textbooks are bound as part of a continuous process. The Binding department uses the Weighted-Average method of Process Costing as it is not interested in knowing the differences between current period and prior period costs. From the Binding Department, the textbooks are transferred to the Packaging department where they are packaged and prepared for bulk shipment to large bookstores. The Packaging department keeps track of its current period costs by separating them from the prior period costs and therefore uses First-In, First-Out method of Process Costing. Printing Department: At the start of September, the Printing department estimated total overhead costs of S500,000. Since each textbook consumes equal amount of printing overheads, the Printing department allocates the overhead costs using a predetermined overhead rate based on the number of textbooks printed. The estimated number of textbooks to be printed in September was set at 147,500 textbooks. The following data relates to the Printing department activities during September T BADM MIS 84,000 Actual number of textbooks 42,000 14,000 printed in September Beginning Work-in-Process S 125,000 S S Direct Materials S 170,847 S 42,712 S 4,746 Direct Labor S 177,240 88,620 S 29,540 Actual overheads for Printing department amounted to $412,124 during September. The Printing department allocates any under or over applied overheads to Cost of Goods Transferred Out if thev are less than 10% of the Cost of Goods Transferred Out. If the under or over applied overheads are greater than 10 % of Cost of Goods Transferred Out, then they are applied proportionally to Cost of Goods Transferred Out, Work-in- Process Inventory, and Finished Goods Inventory based on their balances at the end of the period. At the end of September, Cost of Goods Transferred Out, Work-in-Process Inventory, and Finished Goods Inventory had the following balances: Balance at the Allocation of Under (Over) applied Overheads: end of September Cost of Goods Transferred Out S 592,969 Work-in-Process Inventory S 98,828 Finished Goods Inventory S 296,484 Prepare a Job Costing worksheet in MS Excel for the Printing department that calculates the following: Predetermined overhead rate Total costs of printing each type of textbook during September Total costs of Direct Materials, Direct Labor, and Applied Overhead incurred by the Printing department during September Printing cost per unit for each type of textbook printed during September Schedule for allocation of under (over) application of overheads See the sample Job Costing worksheet of InShape, Inc. from Chapter 7 attached to the dropbox Binding Department: At the start of October, the Binding department had work-in-process inventory of 24,000 textbooks made up of the following: Beginning Balances Amount Prior Department $169,420 S16,942 Materials Direct Labor S50,826 Overheads 1,652 During October, the Binding department received 84,000 units from the Printing department with a cost of $592,969. The Binding department added the following costs during October Amount Materials S59,297 Direct Labor $177,891 Overheads S355,781 At the end of October, the Binding department finished 100,000 textbooks and transferred them to the Packaging department. The degree of completion of the work-in- process inventory left unfinished at the end of October was as follows: Degree of Completion Materials 90% Direct Labor 70% 35% Overheads Prepare a production cost report in MS Excel using the Weighted-Average method consisting of the following: Units to be accounted for Units accounted for Costs to be accounted for Cost per equivalent units Costs accounted for See the sample production cost report of Kansas Supplies from Problem 8-48 of Chapter 8 attached to the dropbox. Packaging Department: At the start of November, the Packaging department had work-in-process inventory of 10,000 textbooks made up of the following: Degree of Completion Beginning Balances Amount 100% Prior Department $143,860 90% $43,158 Materials 75% Direct Labor $14,386 60% Overheads $86,316 During November, the Binding department received 100,000 units from the Printing department with a cost of $1,438,595. The Binding department added the following costs: Amount Materials $431,579 Direct Labor $143,860 Overheads $863,157 At the end of November, the Packaging department finished 107,000 textbooks and transferred them to the Shipping department. The degree of completion of the work-in- process inventory left unfinished at the end of November was as follows: Degree of Completion Materials 80% Direct Labor 70% Overheads 45% Prepare a production cost report using the First-in, First-Out method consisting of the following Units to be accounted for Units accounted for Costs to be accounted for Cost per equivalent units Costs accounted for See the sample production cost report of Kansas Supplies from Problem 8-49 of Chapter 8 attached to the dropbox. A template is provided (as an attachment to the dropbox) for your convenience 2016 2017 ccot D Accot Desciption Debit Amot t Amoet Debit 1,987.28 10100 Cash on Hand 2275.23 198,116.52 10200 Regular Checking Account 557125.92 10300 Payol Checking Account 3,044,958.13 10400 Savings Account 3645599.15 51515259.98 11000 Accounts Receivable 16,410,902.71 11400 Other Receivables 1250000 1239009.75 1,262,819.88 11500 Alowance for Doubtful Accounts 12000 Iventory - Spotight 18,825,205.24 67724527.5 84600 3,012,000.00 12300 Reserve for Inventory Obsolescence 743,314.38 14100 Prepaid Insurance 3424213.78 200,000.00 7406.82 14200 Prepaid Rent 14300 Oice Supplies 8540 14400 Notes Receivable-Cumet 14700 Other Cuent Assets 117000 15000 Land 117,000.00 15100 Buldings and Land Improvements 623,905.92 674313.92 15200 achiner, ipment, Ofce Fumitue 433,217.10 2929097.13 17000 cm. Deprecialion 163,500.00 19500 19000 vestments 572,691.08 1998780.39 53,840.59 19900 Other Noncument Assets 53840.59 20000 Accounts Payable 4,633,118.09 1922095.91 23100 Sales Tax Payable 23200 Wages Payable 29,470.32 23300 FICA Employee Withholding 23350 Medicare Withholding 8439.65 1,318.69 583.99 11414.99 23400 Federal Payroll Taxes Payable 6,033.01 11806.12 23500 FUTA Ta ayable 23600 State Payroll Taxes Payable 23700 SUTA Tax Payable 2,815.47 55106.86 2300 FICA Empoyer Withholing 1,318.69 8439.65 583.99 23900 Medicare Employer Withholding 11414.99 44403000 10,000,000.00 24100 Line of Credit 24200 Cument Potion Long-Tem Debt 24700 Other Cunent Liabilities 27000 Notes Payable Noncument 120000 39003 Common Stock 8,105,000.00 8105000 39004 Paid-in Capilal 39005 Retained Eamings 7,423,000.00 2,219,620.65 246,172,918.44 7423000 6590983.64 40000 Sales 242713452.9 41000 Sales Retums 4,497,583.20 1,100,281.48 11100220.89 42000 Wananty Expense 1158128.47 1426089.31 45000 Income from Investments 46000 Interest Income 47000 Miscelaneous Income 204,302.81 131881.46 2166000 130196645,3 4240263.09 1036854.01 50000 Cost of Goods Sold 141,569,221.61 4,302,951.46 897.140.01 208,974.39 31,212,334.17 133,000.00 4,633,383.82 80495.32 3,605,133.96 1,622,425.99 853,942.65 61,136.04 135,642.99 76,373.78 128,033.21 17,023.27 1,550,909.06 3,000,000.00 2,603,485.87 16,875,305.98 875,000.00 2,365,000.00 429,000.00 19,172,000.00 57500 Freight 60000 Advetising Expense 61000 Auto Expenses 62000 Research and Development 64000 Depreciation Expense 210502.8 528870.44 446000 4720715.56 64500 Warehouse Salanes 65000 Poperty x Expense 66000 Legal and Professional Expense 67000 Bad Debt Expense 6B000 Insurance Expense 70000 Maintenance Expense 70100 Uties 70110 Phone 99332.45 4913224.45 36106.92 35502.87 137332.18 52599.02 803.61 24891.82 1577811.85 3300000 1206574 70120 Postal 71000 Miscelaneous Ofce xpense 72000 al Tx xp 73000 Pension/Prot-Sharing Plan Ex 74000 Rent or Lease Expense T7500 Administralive Wages Expense 7800 Interest Expense 78500 Income Tax Expense Federal 78510 Icome x Expense - State 80000 Loss on Legal Settlement 16197225.43 2591736.5 8900000 3100000 283,238404.03 283,238404.03 329788915.2 InShape, Inc. Job Order Costing September 30, 2017 Estimated Overheads Esimated Allocation Base Direct Labor Cost Predetermined Overhead Rate Total JOBS 12-03 01-01 01-02 Alocation Base Beginning Balance Direct Materials Direct Labor Overheads Applied $ $ $ $ $ $ $ Actual Overheads Under(over)applied Overheads % of Cost of Goods Sold Adjusted Original Allocation Adjustment Allocation of Under(overjapplied Overheads Balance Proportion Amount Balance Cost of Goods Sold Work-in-Process Inventory Finished Goods Inventory