please do req 12,13 and 14
Please do
Custom Fabric Ventures is a small company that produces fabric-based wardrobe accessories (such as, handbags, scarves, and headbands) and home accessories (such as placemats, pillows, and window treatments). The company keeps a limited number of popular items in stock, but primarily produces custom orders. Customers are able to choose from a wide selection of styles, sizes, and fabrics for each type of product. Most of the company's customers are small boutiques, home dcor shops, and home- decorators who serve clientele with discerning tastes. As a result, customers expect high-quality products The sales staff of Custom Fabric Ventures has just received the following order: Custom Fabric Ventures Customer Order Form Customer: Katie's Boutique Order Date: 10/2/2012 Order Due Date: 10/15/2012 Unit Sales Price $75 Total Model Number Quantity Description: Black & White Handbag $675 BW14923 Due to its popularity, the Black and White Handbag (BW14293) is normally a stock item. However, the handbag is currently out of stock. Rather than producing only enough units to fill Katie's order, management would like to produce a job (Job 114) that is large enough to fill Katie's order and replenish stock. The fabric used for this job can be stacked four layers deep for cutting, while still maintaining the quality and precision of the cut. Therefore, the company is able to realize some economies of scale by producing the hand bags in multiples of 4. Management would like to produce enough units in this job to have a minimum of 30 and a maximum of 35 handbags left in stock after Katie's order has been filled. 31 Your primary task is to determine the cost of producing Job 114 so that you can calculate the gross profit on the sale to Katie's Boutique. As part of this process, you will be required to schedule production, purchase any raw materials that aren't currently in stock, requisition materials for the job, and complete the job cost record. You will also be asked to consider relevant management and accounting issues and record the transactions related to this job in the company's accounting records. The following step-by-step requirements will guide-you-through the entire job costing process. The documents you will encounter in this case are normally completed electronically rather than manually. In addition, these documents often interface with each other electronically in order to transfer data in real-time, eliminate tedious calculations, and prevent errors. However, the underlying process is the same regardless of whether the company uses electronic or manual documents. Studentis) Req. 1: Before the year began, Custom Fabric Ventures estimated the following costs for the year: Estimated total cost for the year Type of Cost $210,000 Selling and Administrative salaries and expenses Direct Labor (Estimated 40,000 DL hours@average wage rate of $12 per hour) Indirect plant labor 40,000 60,000 1,400,000 Plant utilities 120,000 Purchases of direct materials Lease and property taxes on the plant 30,000 Marketing expenses Depreciation on production equipment (Equipment originally costing $700,000 three year ago is being depreciated over a 5 year useful life using straight-line depreciation. No salvage value is expected.) Indirect materials to be used in the plant 20,000 First, fill in the missing costs. Then, calculate the company's predetermined manufacturing overhead rate, assuming the company uses direct labor hours as its allocation base: 44000600 2000 34, 4,000 $1.5 r hour Req.2: To realize maximum efficiency and meet management's desired level of stock, how many Black 1M & White handbags should be produced in Job 114? Req. 3: The production engineers have given you the materials requirements for each Black & White handbag. Assume that no efficiencies in materials can be achieved by producing more than one unit per batch. Complete the Bill of Materials for Job #114 found below. Be sure to include the quantity being produced in the Job as well as the total quantity needed for each direct material. BILL OF MATERIALS JOB 114 Model: BW14923 Quantity:1units Description Total Quantity Quantity Needed Part needed per unit 1/2 yard Number Black and White Floral Fabric 22 BWFF Black and White Checkered Fabric BWCheck 3/4 yard 1 yard 1 and 3/4 yard 33 44 Black Fringe Trim Black shoulder strapping BFringe BStrap PICan 43 1/4 sheet Plastic Canvas 1/2 yard 22 Interfacing: Level 4 sturdiness rating Int4 2 Fall 2019 Student(s) Req. 8: Consult the Raw Materials records to determine the types and quantities of materials you currently have in stock. Determine which types of moterials you nod much of each you'll need. List the materials that need to be purchased, along with the quantity of for Job 114 and how each needed: Quantity Quantity Needed to Purchase Description Total Quantity on hand needed 22 yds 6 yds 33 49 Part Number 1yds 25 BWFF Black and White Floral Fabric Black and White Checkered Fabric Black Fringe Trim Black shoulder strapping BWCheck BFringe BStrap PICan Plastic Canvas 25 Int4 Interfacing: Level 4 sturdiness rating RAW MATERIAL INVENTORY RECORDS Raw Materials Record Item No. BWEF Description: Black and White Floral Fabric Received Total Used Balance Date Units Cost Requisition Units Total Cost Units Cost Total Number 10/1 $6.00 6 yds 26 $36.00 Joy'd Raw Materials Record Item No. BWCheck Description: Black & White Checkered Fabric Received Used Balance Units Date Cost Total Requisition Units Number Cost Total Units Cost Total 10/1 10/3 20 yd $8.00 $160.00 #6784 12 yds $8.00 $96.00 8 yd $8.00 $64.00 16/9 25 151 13 udent(s). eq. 8: Consult the Raw Materials records to determine the types and quantities of materials you urrently have in stock. Determine which types of materials you need to purchase for Job 114 and how much of each you'll need. List the materials that need to be purchased, along with the quantity of each needed: Quantity Quantity Needed to Total Description Quantity on hand needed 22 yds 6 yds Brde 6.3 Part Purchase 16yds 25 Number Black and White Floral Fabric Black and White Checkered Fabric BWFF 33 44 BWCheck Black Fringe Trim Black shoulder strapping BFringe BStrap PICam 25 Plastic Canvas 2D 2 22 Interfacing: Level 4 sturdiness rating Int4 RAW MATERIAL INVENTORY RECORDS Raw Materials Record Description: Black and White Floral Fabric Item No. BWFF Balance Used Received Total Total Units Cost Requisition Units Cost Total Cost Date Units Number $6.00 6 yds 26 $36.00 10/1 loy'g 22 Raw Materials Record Description: Black & White Checkered Fabric Item No. BWCheck Received Used Balance Total Date Units Requisition Units Cost Total Cost Units Cost Total Number 10/1 10/3 20 yd $8.00 $8.00 $160.00 $64.00 12 yds $8.00 #6784 8 yd $96.00 16/9 21.1 123 udent(s). eq. 8: Consult the Raw Materials records to determine the types and quantities of materials you urrently have in stock. Determine which types of materials you need to purchase for Job 114 and how much of each you'll need. List the materials that need to be purchased, along with the quantity of each needed: Quantity Quantity Needed to Total Description Quantity on hand needed 22 yds 6 yds Brde 6.3 Part Purchase 16yds 25 Number Black and White Floral Fabric Black and White Checkered Fabric BWFF 33 44 BWCheck Black Fringe Trim Black shoulder strapping BFringe BStrap PICam 25 Plastic Canvas 2D 2 22 Interfacing: Level 4 sturdiness rating Int4 RAW MATERIAL INVENTORY RECORDS Raw Materials Record Description: Black and White Floral Fabric Item No. BWFF Balance Used Received Total Total Units Cost Requisition Units Cost Total Cost Date Units Number $6.00 6 yds 26 $36.00 10/1 loy'g 22 Raw Materials Record Description: Black & White Checkered Fabric Item No. BWCheck Received Used Balance Total Date Units Requisition Units Cost Total Cost Units Cost Total Number 10/1 10/3 20 yd $8.00 $8.00 $160.00 $64.00 12 yds $8.00 #6784 8 yd $96.00 16/9 21.1 123 Fall 2019 Raw Materials Record Item No. BFringe Received Description: Black Fringe Trim Used Date Units Cost Total Balance Requisition Units Number Cost Units Total Cost Total 10/1 10/2 $3.00 60 yds $3.00 $180.00 $9.00 $189.00 3 yd 63 yd $3.00 Raw Materials Record Item No. BStrap Description: Black Strapping Received Balance Used Date Units Total Cost Units Cost Total Requisition Units Total Cost Number $0.00 10/1 0 2.) Raw Materials Record Description: Plastic Canvas Sheets Item No. PlCan Balance Used Received Total Cost Total Units Requisition Units Cost Total Units Cost Date Number $22.50 25 sh. $0.90 10/1 Raw Materials Record Description: Interfacing-level 4 Balance Item No. Int4 Used Received Total Cost Units Total Requisition Units Number Cost Total Units Cost Date 50 yds $4.00 $200.00 $8.00 10/1 10/4 16/9 $192.00 2 yds $4.00 48 yd $4.00 # 6785 22 28.0 y.ca . 0 Student(s) Req. 12: The scheduled start date for the job has arrived. In order to begin production the materials for the job are needed in the plant. Production would like to requisition all needed materials at one time. Complete the Materials Requisition (fill in the date, Job #, and quantity needed) so that the inventory storeroom personnel know the quantities and types of material to pick. Materials Requisition Number: #6786 Date: Job: Part Total Cost Description Unit Cost Quantity number Needed Black and White Floral Fabric Black and White Checkered Fabric BWFF BWCheck BFringe BStrap PICan Black Fringe Trim Black shoulder strapping Plastic Canvas Interfacing: Level 4 rating Int4 Total Req. 13: The storeroom personnel correctly pick the direct materials and send them too production. Complete the cost information on the Materials Requisition above, assuming the company uses FIFO as its inventory flow assumption. Req. 14: Since the company uses a perpetual inventory system, what else would normally be done at this point in time? If you were to look at the Balance Sheet at the end of the day, what balance would be shown for Raw Materials Inventory? Calculate the total balance and show how you arrived at it. $ Start a Job Cost Record for Job 114. Req. 15: Record the direct materials used by the job by recording the materials requisition number and the total cost of materials requisitioned. Req. 16: Obtain the Labor Time Records for the week to determine how much direct labor cost to assign to Job 114. Record the direct labor used by the job by recording the lobor time record numbers, hours worked, and total DL cost on the job cost record. Req. 17: Calculate the amount of manufacturing overhead to allocate to Job 114. Show your calculations on the job cost record. Determine the total job cost as well as the cost of each Req. 18: Complete the job cost record. handbag in the job. Custom Fabric Ventures is a small company that produces fabric-based wardrobe accessories (such as, handbags, scarves, and headbands) and home accessories (such as placemats, pillows, and window treatments). The company keeps a limited number of popular items in stock, but primarily produces custom orders. Customers are able to choose from a wide selection of styles, sizes, and fabrics for each type of product. Most of the company's customers are small boutiques, home dcor shops, and home- decorators who serve clientele with discerning tastes. As a result, customers expect high-quality products The sales staff of Custom Fabric Ventures has just received the following order: Custom Fabric Ventures Customer Order Form Customer: Katie's Boutique Order Date: 10/2/2012 Order Due Date: 10/15/2012 Unit Sales Price $75 Total Model Number Quantity Description: Black & White Handbag $675 BW14923 Due to its popularity, the Black and White Handbag (BW14293) is normally a stock item. However, the handbag is currently out of stock. Rather than producing only enough units to fill Katie's order, management would like to produce a job (Job 114) that is large enough to fill Katie's order and replenish stock. The fabric used for this job can be stacked four layers deep for cutting, while still maintaining the quality and precision of the cut. Therefore, the company is able to realize some economies of scale by producing the hand bags in multiples of 4. Management would like to produce enough units in this job to have a minimum of 30 and a maximum of 35 handbags left in stock after Katie's order has been filled. 31 Your primary task is to determine the cost of producing Job 114 so that you can calculate the gross profit on the sale to Katie's Boutique. As part of this process, you will be required to schedule production, purchase any raw materials that aren't currently in stock, requisition materials for the job, and complete the job cost record. You will also be asked to consider relevant management and accounting issues and record the transactions related to this job in the company's accounting records. The following step-by-step requirements will guide-you-through the entire job costing process. The documents you will encounter in this case are normally completed electronically rather than manually. In addition, these documents often interface with each other electronically in order to transfer data in real-time, eliminate tedious calculations, and prevent errors. However, the underlying process is the same regardless of whether the company uses electronic or manual documents. Studentis) Req. 1: Before the year began, Custom Fabric Ventures estimated the following costs for the year: Estimated total cost for the year Type of Cost $210,000 Selling and Administrative salaries and expenses Direct Labor (Estimated 40,000 DL hours@average wage rate of $12 per hour) Indirect plant labor 40,000 60,000 1,400,000 Plant utilities 120,000 Purchases of direct materials Lease and property taxes on the plant 30,000 Marketing expenses Depreciation on production equipment (Equipment originally costing $700,000 three year ago is being depreciated over a 5 year useful life using straight-line depreciation. No salvage value is expected.) Indirect materials to be used in the plant 20,000 First, fill in the missing costs. Then, calculate the company's predetermined manufacturing overhead rate, assuming the company uses direct labor hours as its allocation base: 44000600 2000 34, 4,000 $1.5 r hour Req.2: To realize maximum efficiency and meet management's desired level of stock, how many Black 1M & White handbags should be produced in Job 114? Req. 3: The production engineers have given you the materials requirements for each Black & White handbag. Assume that no efficiencies in materials can be achieved by producing more than one unit per batch. Complete the Bill of Materials for Job #114 found below. Be sure to include the quantity being produced in the Job as well as the total quantity needed for each direct material. BILL OF MATERIALS JOB 114 Model: BW14923 Quantity:1units Description Total Quantity Quantity Needed Part needed per unit 1/2 yard Number Black and White Floral Fabric 22 BWFF Black and White Checkered Fabric BWCheck 3/4 yard 1 yard 1 and 3/4 yard 33 44 Black Fringe Trim Black shoulder strapping BFringe BStrap PICan 43 1/4 sheet Plastic Canvas 1/2 yard 22 Interfacing: Level 4 sturdiness rating Int4 2 Fall 2019 Student(s) Req. 8: Consult the Raw Materials records to determine the types and quantities of materials you currently have in stock. Determine which types of moterials you nod much of each you'll need. List the materials that need to be purchased, along with the quantity of for Job 114 and how each needed: Quantity Quantity Needed to Purchase Description Total Quantity on hand needed 22 yds 6 yds 33 49 Part Number 1yds 25 BWFF Black and White Floral Fabric Black and White Checkered Fabric Black Fringe Trim Black shoulder strapping BWCheck BFringe BStrap PICan Plastic Canvas 25 Int4 Interfacing: Level 4 sturdiness rating RAW MATERIAL INVENTORY RECORDS Raw Materials Record Item No. BWEF Description: Black and White Floral Fabric Received Total Used Balance Date Units Cost Requisition Units Total Cost Units Cost Total Number 10/1 $6.00 6 yds 26 $36.00 Joy'd Raw Materials Record Item No. BWCheck Description: Black & White Checkered Fabric Received Used Balance Units Date Cost Total Requisition Units Number Cost Total Units Cost Total 10/1 10/3 20 yd $8.00 $160.00 #6784 12 yds $8.00 $96.00 8 yd $8.00 $64.00 16/9 25 151 13 udent(s). eq. 8: Consult the Raw Materials records to determine the types and quantities of materials you urrently have in stock. Determine which types of materials you need to purchase for Job 114 and how much of each you'll need. List the materials that need to be purchased, along with the quantity of each needed: Quantity Quantity Needed to Total Description Quantity on hand needed 22 yds 6 yds Brde 6.3 Part Purchase 16yds 25 Number Black and White Floral Fabric Black and White Checkered Fabric BWFF 33 44 BWCheck Black Fringe Trim Black shoulder strapping BFringe BStrap PICam 25 Plastic Canvas 2D 2 22 Interfacing: Level 4 sturdiness rating Int4 RAW MATERIAL INVENTORY RECORDS Raw Materials Record Description: Black and White Floral Fabric Item No. BWFF Balance Used Received Total Total Units Cost Requisition Units Cost Total Cost Date Units Number $6.00 6 yds 26 $36.00 10/1 loy'g 22 Raw Materials Record Description: Black & White Checkered Fabric Item No. BWCheck Received Used Balance Total Date Units Requisition Units Cost Total Cost Units Cost Total Number 10/1 10/3 20 yd $8.00 $8.00 $160.00 $64.00 12 yds $8.00 #6784 8 yd $96.00 16/9 21.1 123 udent(s). eq. 8: Consult the Raw Materials records to determine the types and quantities of materials you urrently have in stock. Determine which types of materials you need to purchase for Job 114 and how much of each you'll need. List the materials that need to be purchased, along with the quantity of each needed: Quantity Quantity Needed to Total Description Quantity on hand needed 22 yds 6 yds Brde 6.3 Part Purchase 16yds 25 Number Black and White Floral Fabric Black and White Checkered Fabric BWFF 33 44 BWCheck Black Fringe Trim Black shoulder strapping BFringe BStrap PICam 25 Plastic Canvas 2D 2 22 Interfacing: Level 4 sturdiness rating Int4 RAW MATERIAL INVENTORY RECORDS Raw Materials Record Description: Black and White Floral Fabric Item No. BWFF Balance Used Received Total Total Units Cost Requisition Units Cost Total Cost Date Units Number $6.00 6 yds 26 $36.00 10/1 loy'g 22 Raw Materials Record Description: Black & White Checkered Fabric Item No. BWCheck Received Used Balance Total Date Units Requisition Units Cost Total Cost Units Cost Total Number 10/1 10/3 20 yd $8.00 $8.00 $160.00 $64.00 12 yds $8.00 #6784 8 yd $96.00 16/9 21.1 123 Fall 2019 Raw Materials Record Item No. BFringe Received Description: Black Fringe Trim Used Date Units Cost Total Balance Requisition Units Number Cost Units Total Cost Total 10/1 10/2 $3.00 60 yds $3.00 $180.00 $9.00 $189.00 3 yd 63 yd $3.00 Raw Materials Record Item No. BStrap Description: Black Strapping Received Balance Used Date Units Total Cost Units Cost Total Requisition Units Total Cost Number $0.00 10/1 0 2.) Raw Materials Record Description: Plastic Canvas Sheets Item No. PlCan Balance Used Received Total Cost Total Units Requisition Units Cost Total Units Cost Date Number $22.50 25 sh. $0.90 10/1 Raw Materials Record Description: Interfacing-level 4 Balance Item No. Int4 Used Received Total Cost Units Total Requisition Units Number Cost Total Units Cost Date 50 yds $4.00 $200.00 $8.00 10/1 10/4 16/9 $192.00 2 yds $4.00 48 yd $4.00 # 6785 22 28.0 y.ca . 0 Student(s) Req. 12: The scheduled start date for the job has arrived. In order to begin production the materials for the job are needed in the plant. Production would like to requisition all needed materials at one time. Complete the Materials Requisition (fill in the date, Job #, and quantity needed) so that the inventory storeroom personnel know the quantities and types of material to pick. Materials Requisition Number: #6786 Date: Job: Part Total Cost Description Unit Cost Quantity number Needed Black and White Floral Fabric Black and White Checkered Fabric BWFF BWCheck BFringe BStrap PICan Black Fringe Trim Black shoulder strapping Plastic Canvas Interfacing: Level 4 rating Int4 Total Req. 13: The storeroom personnel correctly pick the direct materials and send them too production. Complete the cost information on the Materials Requisition above, assuming the company uses FIFO as its inventory flow assumption. Req. 14: Since the company uses a perpetual inventory system, what else would normally be done at this point in time? If you were to look at the Balance Sheet at the end of the day, what balance would be shown for Raw Materials Inventory? Calculate the total balance and show how you arrived at it. $ Start a Job Cost Record for Job 114. Req. 15: Record the direct materials used by the job by recording the materials requisition number and the total cost of materials requisitioned. Req. 16: Obtain the Labor Time Records for the week to determine how much direct labor cost to assign to Job 114. Record the direct labor used by the job by recording the lobor time record numbers, hours worked, and total DL cost on the job cost record. Req. 17: Calculate the amount of manufacturing overhead to allocate to Job 114. Show your calculations on the job cost record. Determine the total job cost as well as the cost of each Req. 18: Complete the job cost record. handbag in the job
