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The following information is from the materials requisitions and time tickets for Job 9 completed by Great Bay Boats. Materials requisitions are identified by code
The following information is from the materials requisitions and time tickets for Job 9 completed by Great Bay Boats. Materials requisitions are identified by code numbers starting with the letter M, and the time tickets start with T. Estimated (applied) overhead for Job 9 is $1,400 Date July 1 July 1 July 5 July 5 July 10 Document M-46 T-33 M-47 T-34 T-35 Amount $ 1,950 1,300 1,700 1,150 1,000 Prepare a job cost sheet for Job 9, which includes costs for direct materials, direct labor, overhead, and total cost. JOB COST SHEET: Job 9 Direct Labor Time-Ticket Number Amount Overhead Direct Materials Requisition Amount Number Date Total Cost Date Amount July July 1 July 5 July 10 Bell Company produces stainless steel drink tumblers, its only product. These tumblers are stamped with company logos and used as promotional items. Following are simplified job cost sheets for two separate recently completed job lots. Job 1 was for 250 units and Job 2 was for 300 units. 250 units $ 500 Job Number 1 Materials Labor Overhead 690 1,035 Job Number 2 Materials Labor Overhead 300 units $ 570 816 1,224 1-a. Compute total cost per unit for Job 1 and for Job 2. 1-b. Which job has a higher total cost per unit? 2-a. Compute direct materials cost per unit for each job. 2-b. Which job has a higher direct materials cost per unit? Complete this question by entering your answers in the tabs below. Req 1A Reg 1B Req 2A Reg 28 Compute total cost per unit for Job 1 and for Job 2. (Round your answers to two decimal places.) Job 1 Job 2 Total cost per unit Record the purchase of raw materials on credit. Note: Enter debits before credits. General Journal Debit Credit Transaction 1 Record entry Clear entry View general Journal [The following information applies to the questions displayed below.] Information on Kwon Manufacturing's activities for its first month of operations follows: a. Purchased $101,200 of raw materials on credit. b. Materials requisitions show the following materials used for the month. Job 201 Job 202 Total direct materials Indirect materials Total materials used $ 49,400 24,800 74,200 9,820 $ 84,020 c. Time tickets show the following labor used for the month. Job 201 Job 202 Total direct labor Indirect labor Total labor used $ 40,400 13,800 54,200 25,400 $ 79,600 d. Applied overhead to Job 201 and to Job 202 using a predetermined overhead rate is 80% of direct materials cost. e. Transferred Job 201 to Finished Goods Inventory. f. (1) Sold Job 201 for $167,360 on credit. (2) Record cost of goods sold for Job 201. g. Incurred the following actual other overhead costs for the month. Depreciation of factory equipment Rent on factory building (payable) Factory utilities (payable) Expired factory insurance Total other factory overhead costs $ 33,200 620 920 4,200 $ 38,940 1. Prepare a job cost sheet for Job 201 and for Job 202 for the month. 2. Compute gross profit on the sale of Job 201. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a job cost sheet for Job 201 and for Job 202 for the month. Job Number 201 Job Number 202 Materials Labor Overhead Total cost $ 0 S 0 Required information (The following information applies to the questions displayed below.) Information on Kwon Manufacturing's activities for its first month of operations follows: a. Purchased $101.200 of raw materials on credit b. Materials requisitions show the following materials used for the month Job 20: Job 202 Total direct materials Indirect materiais Total materials used $ 49,400 24,00 74,200 $ 34,020 c. Time tickets show the following labor used for the month. Job 20: Jab 202 Total direct labor Indirect labor Total labor sud $ 40,400 13,800 54,200 25.4 $ 79,60 d. Applied overhead to Job 201 and to Job 202 using a predetermined overhead rate is 80% of direct materials cost. e. Transferred Job 201 to Finished Goods Inventory. t. (1) Sold Job 201 for $167,360 on credit. (2) Record cost of goods sold for Job 201. g. Iincurred the following actual other overhead costs for the month. Depreciation of actory equipment Rent on actory building (payable) Factory utilities payable) Expired to try insurance Total other factory overhead coats $ 33,200 620 920 4,200 $ 38,940 Prepare journal entries to record the transactions reflected in items a through g View transactions Journal entry worksheet 1 6 7 B 10 Record materials purchases. Note: Enter debits bater credits Transaction General Journal Debit Credit Record entry Clear entry View general journal
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