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This is my latest assignment in Managerial Accounting and I am totally lost. It is due Tuesday night at 11;30 Atlantic Time. Please help. The
This is my latest assignment in Managerial Accounting and I am totally lost. It is due Tuesday night at 11;30 Atlantic Time. Please help. The file is attached.
Assignment - Unit 3 You have just begun your job at AKP Manufacturing Co. The company produces special keyboards made to customer specifications. During August, AKP incurred the following manufacturing costs: direct materials, $28,019.00; direct labour, $15,276.75 and applied factory overhead, $9,854.50. The following data pertain to these costs: Summary of Direct Material Requisitions Dept No Job No 1 9011 2 9012 1 9013 1 9011 2 9013 1 9014 Total Direct Materials Dept No Job No 1 9011 2 9012 1 9013 2 9013 1 9014 Total Direct Labour Req No B766 B767 B768 B769 B770 B771 Quantity 2,675 125 780 280 95 2,945 Cost per Unit $ 2.23 18.78 8.29 5.72 22.07 3.24 Summary of Direct Labour Time Tickets Ticket No 1056-1168 2121-2130 1169-1189 2131-2134 1190-1239 Hours 820 92 178 44 945 Rate per Hour $7.25 8.75 7.25 8.75 7.25 Total Cost $ 5965.25 2347.50 6466.20 1601.60 2096.65 9541.80 $28019.00 $ 5945.00 805.00 1290.50 385.00 6851.25 $15276.75 Overhead application rates for Dept.1 are $4 per direct labour hour, and for Dept. 2 are 175% of direct labour cost. AKP had no beginning work in process for August. Job 9010, which cost $14,190.18 to manufacture, was completed in July and was sold on account in August for $19,000. Of the jobs begun in August, Job 9011 was completed and sold on account for $24,000, Jobs 9012 and 9014 were completed but not sold, and Job 9013 was still in process. Required 1. As cost accountant for this company, you have been asked to prepare job cost sheets for each of the four jobs started in August. Use examples in your textbook as a guide. 2. On a new tab in your worksheet, prepare journal entries for the month of August to: apply the total direct materials, total direct labour and total manufacturing overhead Assignment - Unit 3 to the jobs (use the numbers in the first paragraph of the question). Complete jobs 9011, 9012 and 9014. Sell job 9010 and 9011. Set up T-accounts for Work-in-progress, Finished Goods, Cost of Goods Sold and Sales. Post the journal entries to the appropriate accounts and balance each account. 4. Using the job cost sheets, prepare a supporting schedule by job number showing the cost of ending work in process, finished goods and cost of goods sold. The totals should match the total in the t-accounts. Example: Job A Job B Job C Total in WIP 5. xxx xxx xxx xxx AKP's management is very concerned about the cost of materials on its jobs. In particular, materials costs should be under 55% of total costs. For example, the materials cost on Job 9010 was 37.6% of total costs. On each job cost sheet create a pie graph showing the cost components for each job worked on in August. Did AKP maintain good cost control on each of its jobs? Explain. If you need a refresher for creating pie charts in Excel, here is a link to a 7 minute YouTube video that will get you started. https://www.youtube.com/watch?v=FVRJU--8YMYStep by Step Solution
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