The solution has been posted, but not with the second page included of T-charts and the cost sheets. Can someone please help? Thank you!
CHAPTER 16 HOMEWORK ASSIGNMENT #2 QUESTIONS I. What type of industry is likely to use a job order cost system? Give some examples. 2. What type of industry is likely to use a process cost system? Give some examples. 3. What is the purpose of a job cost sheet? 4. Stan Kaiser is confused about the source documents used in assigning materials labor costs. Identify the documents. 5. How can the agreement of Work in Process Inventory and job cost sheets be verified? EXERCISES 1. Benton Printing Corp. uses a job order cost system. The following data summarize the operations related to the first quarter's production. 1. Materials purchased on account $192,000 and factory wages incurred $87,300. 2. Materials requisitioned and factory labor used by job: Factory Job Number A20 A21 A22 A23 Materials $35,240 42,920 36,100 39,270 Labor $18,000 22,000 15,000 25,000 7,300 $87,300 General factory use 4,470 Totals $158,000 3. Manufacturing overhead costs incurred on account $49,500. 4. Depreciation on factory machinery and equipment $14,550. 5. Depreciation on the company's office building was $14,300 (I'm a TRICK transaction!) 6. The pre-determined overhead rate is 90% of direct labor cost. 7. Jobs completed during the quarter: A20, A21, and A23. Instructions Complete a set of cost-flow T-accounts and prepare the journal entries to record the summarized above. Be sure to prepare job cost sheets for each job. CHAPTER 16 HOMEWORK ASSIGNMENT #2 QUESTIONS I. What type of industry is likely to use a job order cost system? Give some examples. 2. What type of industry is likely to use a process cost system? Give some examples. 3. What is the purpose of a job cost sheet? 4. Stan Kaiser is confused about the source documents used in assigning materials labor costs. Identify the documents. 5. How can the agreement of Work in Process Inventory and job cost sheets be verified? EXERCISES 1. Benton Printing Corp. uses a job order cost system. The following data summarize the operations related to the first quarter's production. 1. Materials purchased on account $192,000 and factory wages incurred $87,300. 2. Materials requisitioned and factory labor used by job: Factory Job Number A20 A21 A22 A23 Materials $35,240 42,920 36,100 39,270 Labor $18,000 22,000 15,000 25,000 7,300 $87,300 General factory use 4,470 Totals $158,000 3. Manufacturing overhead costs incurred on account $49,500. 4. Depreciation on factory machinery and equipment $14,550. 5. Depreciation on the company's office building was $14,300 (I'm a TRICK transaction!) 6. The pre-determined overhead rate is 90% of direct labor cost. 7. Jobs completed during the quarter: A20, A21, and A23. Instructions Complete a set of cost-flow T-accounts and prepare the journal entries to record the summarized above. Be sure to prepare job cost sheets for each job
