Question 2 --/1 View Policies Current Attempt in Progress Waterways has two major public park projects to provide with comprehensive irrigation in one of its service locations this month. Job J57 and Job K52 involve 15 acres of landscaped terrain, which will require special-order, sprinkler heads to meet the specifications of the project. Using a job cost system to produce these parts, the following events occurred during December. Raw materials were requisitioned from the company's inventory on December 2 for $5,067; on December 8 for $1,065; and on December 14 for $3,459. In each instance, two-thirds (2/3) of these materials were for J57 and the rest for K52. Six time tickets were turned in for these two projects for a total amount of 18 hours of work. All the workers were paid $17.5 per hour. The time tickets were dated December 3, December 9, and December 15. On each of those days, 6 labor hours were spent on these jobs, two-thirds (2/3) for J57 and the rest for K52. The predetermined overhead rate is based on machine hours. The expected machine hour use for the year is 2,097 hours, and the anticipated overhead costs are $830,412 for the year. The machines were used by workers on projects K52 and J57 on December 3, 9, and 15. Six machine hours were used for project K52 (2 each day), and 8.5 machine hours were used for project J57 (2.5 the first day and 3 each of the other days). Both of these special orders were completed on December 15, producing 200 sprinkler heads for J57 and 100 sprinkler heads for K52. Additional job order activities during this period included: Dec. 1 Purchased raw materials from Durbin Supply Company on account for $53,400. Dec. 2 Issued $40,300 of direct materials from the company's inventory to jobs other than K52 and J57 and $3,100 of indirect materials. Dec. 12 Paid Waterways' factory salaries and wages for $64,700. Dec. 13 Paid the factory's water bill of $9,100. Dec. 18 Transferred $50,300 of costs from other completed jobs to finished goods, Dec. 21 Paid the factory's electric bill of $11,900 for Waterways factory. Dec. 31 Made adjusting entries forth factory that included accrued property taxes of $12,100, prepaid insurance of $8,900, and accumulated depreciation of $16,100. Set up the job cost sheets for Job No. 57 and Job No.K52. Determine the total cost for each manufacturing special order for these jobs. (Round unit costs to 2 decimal places, eg. 12.25.) Job No.J57 Job No. 652 Total Cost $ Unit Cost $ e Textbook and Media List of Accounts Journalize the activities from these job cost sheets in the general journal. Also, journalize the other costs that occurred during this period. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. Round answers to O decimal places, e.g. 5,275.) Date Date Account Titles and Explanation Debit Credit 12/1 12/2 12/3 12/8 (To assign materials to jobs 357 & K52) 12/9 12/2 (To assign materials to jobs and overhead) 12/12 12/13 12/14 12/15 12/18 12/21 12/31 (To assign labor to jobs 357 & K52) (To assign overhead to jobs 357 & K52) (To assign labor to jobs J57 & K52) (To assign overhead to jobs 357 & K52) (To assign labor to jobs 357 & K52) (To assign overhead to jobs 357 & K52) (To record completion of jobs 357 & K52) e Textbook and Media List of Accounts Assuming that Manufacturing Overhead has a debit balance of $3,600, determine whether overhead has been under/over applied and make the adjusting entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit QUESTION 3: Because most of the parts for its irrigation systems are standard, Waterways handles the majority of its manufacturing as a process cost system. There are multiple process departments. Three of these departments are the Molding, Cutting, and Welding departments. All items eventually end up in the Packaging Department, which prepares items for sale in kits or individually. The following information is available for the Molding department for January. 21.400 80% 30% Work in process beginning: Units in process Stage of completion for materials Stage of completion for labor and overhead Costs in work in process inventory: Materials Labor Overhead Total costs in beginning work in process $167.480 67,400 17.260 $252,140 59,600 57.800 Units started into production in January Units completed and transferred in January Costs added to production: Materials Labor Overhead Total costs added into production in January Work in process ending: Units in process Stage of completion for materials Stage of completion for labor and overhead $276,680 275,910 60.270 $612,860 23,200 50% 10% Question 2 --/1 View Policies Current Attempt in Progress Waterways has two major public park projects to provide with comprehensive irrigation in one of its service locations this month. Job J57 and Job K52 involve 15 acres of landscaped terrain, which will require special-order, sprinkler heads to meet the specifications of the project. Using a job cost system to produce these parts, the following events occurred during December. Raw materials were requisitioned from the company's inventory on December 2 for $5,067; on December 8 for $1,065; and on December 14 for $3,459. In each instance, two-thirds (2/3) of these materials were for J57 and the rest for K52. Six time tickets were turned in for these two projects for a total amount of 18 hours of work. All the workers were paid $17.5 per hour. The time tickets were dated December 3, December 9, and December 15. On each of those days, 6 labor hours were spent on these jobs, two-thirds (2/3) for J57 and the rest for K52. The predetermined overhead rate is based on machine hours. The expected machine hour use for the year is 2,097 hours, and the anticipated overhead costs are $830,412 for the year. The machines were used by workers on projects K52 and J57 on December 3, 9, and 15. Six machine hours were used for project K52 (2 each day), and 8.5 machine hours were used for project J57 (2.5 the first day and 3 each of the other days). Both of these special orders were completed on December 15, producing 200 sprinkler heads for J57 and 100 sprinkler heads for K52. Additional job order activities during this period included: Dec. 1 Purchased raw materials from Durbin Supply Company on account for $53,400. Dec. 2 Issued $40,300 of direct materials from the company's inventory to jobs other than K52 and J57 and $3,100 of indirect materials. Dec. 12 Paid Waterways' factory salaries and wages for $64,700. Dec. 13 Paid the factory's water bill of $9,100. Dec. 18 Transferred $50,300 of costs from other completed jobs to finished goods, Dec. 21 Paid the factory's electric bill of $11,900 for Waterways factory. Dec. 31 Made adjusting entries forth factory that included accrued property taxes of $12,100, prepaid insurance of $8,900, and accumulated depreciation of $16,100. Set up the job cost sheets for Job No. 57 and Job No.K52. Determine the total cost for each manufacturing special order for these jobs. (Round unit costs to 2 decimal places, eg. 12.25.) Job No.J57 Job No. 652 Total Cost $ Unit Cost $ e Textbook and Media List of Accounts Journalize the activities from these job cost sheets in the general journal. Also, journalize the other costs that occurred during this period. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. Round answers to O decimal places, e.g. 5,275.) Date Date Account Titles and Explanation Debit Credit 12/1 12/2 12/3 12/8 (To assign materials to jobs 357 & K52) 12/9 12/2 (To assign materials to jobs and overhead) 12/12 12/13 12/14 12/15 12/18 12/21 12/31 (To assign labor to jobs 357 & K52) (To assign overhead to jobs 357 & K52) (To assign labor to jobs J57 & K52) (To assign overhead to jobs 357 & K52) (To assign labor to jobs 357 & K52) (To assign overhead to jobs 357 & K52) (To record completion of jobs 357 & K52) e Textbook and Media List of Accounts Assuming that Manufacturing Overhead has a debit balance of $3,600, determine whether overhead has been under/over applied and make the adjusting entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit QUESTION 3: Because most of the parts for its irrigation systems are standard, Waterways handles the majority of its manufacturing as a process cost system. There are multiple process departments. Three of these departments are the Molding, Cutting, and Welding departments. All items eventually end up in the Packaging Department, which prepares items for sale in kits or individually. The following information is available for the Molding department for January. 21.400 80% 30% Work in process beginning: Units in process Stage of completion for materials Stage of completion for labor and overhead Costs in work in process inventory: Materials Labor Overhead Total costs in beginning work in process $167.480 67,400 17.260 $252,140 59,600 57.800 Units started into production in January Units completed and transferred in January Costs added to production: Materials Labor Overhead Total costs added into production in January Work in process ending: Units in process Stage of completion for materials Stage of completion for labor and overhead $276,680 275,910 60.270 $612,860 23,200 50% 10%