Problems 1. Preparation of job cost sheet and journal entries Nycom Inc. manufactures items that are used in the electronics industry. The com- pany, which uses a job costing system, has twa departments: machining and fin- ishing. The machining department applies overhead to products at the rate of SJ5 per machine hour Finishing, in contrast, uses an application rate of 250% of direct labor cost. On March 19, 20X3. Nycom received an order from Sensormatic for 225 photons, Model No. 116 Production began immediately, and the order (known as job No. 4155) was completed on March 31. Paperwork supporting the order revealed the following Document Date Department Hours Amount MR 1165 3/19 Machining $5,600 MR 1169 3/21 Machining 3.500 TT 1450-52 3/23 Machining 45 100 MUR 16 3/23 Machining 105 MR 1330 3/27 Finishing 700 TT 1475-76 3/31 Machining 30 300 MUR 17 3/31 Machining TT 6608-13 3/31 Finishing 200 2.000 "MR, materials requisition, MUR, machine usage report TT, time ticket. Instructions a Prepare a job cost sheet for the Sensormatic order as of March 31. Use the following column headings Direct Materials Direct Labor Machine Usage Factory Overhead Date Requisition Amount Ticket Hours Amount Report Houts Amount b. I'repare journal entries to record (1) the issuance of direct materials, (2) direct labor incurred on the order, and (3) the application of factory overhead. All mate- rials requisitions should be combined in one entry, all time tickets in another, and so forth cIf company policy is to sell goods at a profit of 80% of total job cost, present the journal entries necessary to recognize completion and sale of the photons. Computations using a job order system Problems 1. Preparation of job cost sheet and journal entries Nycom Inc. manufactures items that are used in the electronics industry. The com- pany, which uses a job costing system, has two departments: machining and fin- ishing. The machining department applies overhead to products at the rate of $15 per machine hour. Finishing, in contrast, uses an application rate of 250% of direct labor cost. On March 19, 20X3, Nycom received an order from Sensormatic for 225 photons, Model No. 116. Production began immediately, and the order (known as job No. 4155) was completed on March 31. Paperwork supporting the order revealed the following: Document Date Hours Amount MR 1165 3/19 $5,600 Department Machining Machining Machining MR 1169 3/21 3,500 400 TT 1450-52 3/23 45 TT 1450-52 3/23 Machining 45 400 MUR 16 3/23 Machining 105 MR 4330 3/27 Finishing 700 TT 1475-76 3/31 Machining 30 300 MUR 47 3/31 Machining 50 TT 6608-13 3/31 Finishing 200 2,000 "MR. materials requisition: MUR, machine usage report: TT, time ticket. Instructions a. Prepare a job cost sheet for the Sensormatic order as of March 31. Use the followin column headings: Factory Overhead Direct Materials Direct Labor Machine Usage Date Requisition Amount Ticket Hours Amount Report Hours Amount b. Prepare journal entries to record (1) the issuance of direct materials, (2) direct labor incurred on the order, and (3) the application of factory overhead. All mate- rials requisitions should be combined in one entry, all time tickets in another, and so forth c. If company policy is to sell goods at a profit of 80% of total job cost, present the journal entries necessary to recognize completion and sale of the photons. Problems 1. Preparation of job cost sheet and journal entries Nycom Inc. manufactures items that are used in the electronics industry. The com- pany, which uses a job costing system, has twa departments: machining and fin- ishing. The machining department applies overhead to products at the rate of SJ5 per machine hour Finishing, in contrast, uses an application rate of 250% of direct labor cost. On March 19, 20X3. Nycom received an order from Sensormatic for 225 photons, Model No. 116 Production began immediately, and the order (known as job No. 4155) was completed on March 31. Paperwork supporting the order revealed the following Document Date Department Hours Amount MR 1165 3/19 Machining $5,600 MR 1169 3/21 Machining 3.500 TT 1450-52 3/23 Machining 45 100 MUR 16 3/23 Machining 105 MR 1330 3/27 Finishing 700 TT 1475-76 3/31 Machining 30 300 MUR 17 3/31 Machining TT 6608-13 3/31 Finishing 200 2.000 "MR, materials requisition, MUR, machine usage report TT, time ticket. Instructions a Prepare a job cost sheet for the Sensormatic order as of March 31. Use the following column headings Direct Materials Direct Labor Machine Usage Factory Overhead Date Requisition Amount Ticket Hours Amount Report Houts Amount b. I'repare journal entries to record (1) the issuance of direct materials, (2) direct labor incurred on the order, and (3) the application of factory overhead. All mate- rials requisitions should be combined in one entry, all time tickets in another, and so forth cIf company policy is to sell goods at a profit of 80% of total job cost, present the journal entries necessary to recognize completion and sale of the photons. Computations using a job order system Problems 1. Preparation of job cost sheet and journal entries Nycom Inc. manufactures items that are used in the electronics industry. The com- pany, which uses a job costing system, has two departments: machining and fin- ishing. The machining department applies overhead to products at the rate of $15 per machine hour. Finishing, in contrast, uses an application rate of 250% of direct labor cost. On March 19, 20X3, Nycom received an order from Sensormatic for 225 photons, Model No. 116. Production began immediately, and the order (known as job No. 4155) was completed on March 31. Paperwork supporting the order revealed the following: Document Date Hours Amount MR 1165 3/19 $5,600 Department Machining Machining Machining MR 1169 3/21 3,500 400 TT 1450-52 3/23 45 TT 1450-52 3/23 Machining 45 400 MUR 16 3/23 Machining 105 MR 4330 3/27 Finishing 700 TT 1475-76 3/31 Machining 30 300 MUR 47 3/31 Machining 50 TT 6608-13 3/31 Finishing 200 2,000 "MR. materials requisition: MUR, machine usage report: TT, time ticket. Instructions a. Prepare a job cost sheet for the Sensormatic order as of March 31. Use the followin column headings: Factory Overhead Direct Materials Direct Labor Machine Usage Date Requisition Amount Ticket Hours Amount Report Hours Amount b. Prepare journal entries to record (1) the issuance of direct materials, (2) direct labor incurred on the order, and (3) the application of factory overhead. All mate- rials requisitions should be combined in one entry, all time tickets in another, and so forth c. If company policy is to sell goods at a profit of 80% of total job cost, present the journal entries necessary to recognize completion and sale of the photons