Question
Waddell Equipment Company uses a job order cost system. The following data summarize the operations related to production for April 20Y4, the first month of
Waddell Equipment Company uses a job order cost system. The following data summarize the operations related to production for April 20Y4, the first month of operations:
- Materials purchased on account, $36,000.
- Materials requisitioned and factory labor used:
Job Materials Factory Labor No. 401 $5,500 $6,650 No. 402 4,000 4,775 No. 403 2,400 1,875 No. 404 7,100 8,500 No. 405 3,200 4,000 No. 406 1,850 2,200 For general factory use 3,150 1,500 - Factory overhead costs incurred on account, $6,000.
- Depreciation of machinery and equipment, $1,550.
- The factory overhead rate is $40 per machine hour. Machine hours used:
Job Machine Hours No. 401 38 No. 402 30 No. 403 18 No. 404 56 No. 405 24 No. 406 14 Total 180 - Jobs completed: 401, 402, 403, and 405.
- Jobs were shipped and customers were billed as follows: Job 401 $22,750, Job 402 $16,600, Job 403 $8,400.
Instructions:
1. Prepare a schedule summarizing manufacturing costs by job for April.
Waddell Equipment Company | ||||
Schedule Summarizing Manufacturing Costs | ||||
For the Month of April 30, 20Y4 | ||||
Job | Direct Materials | Direct Labor | Factory Overhead | Total |
No. 401 | $fill in the blank 55e70cfeffa9fb9_1 | $fill in the blank 55e70cfeffa9fb9_2 | $fill in the blank 55e70cfeffa9fb9_3 | $fill in the blank 55e70cfeffa9fb9_4 |
No. 402 | fill in the blank 55e70cfeffa9fb9_5 | fill in the blank 55e70cfeffa9fb9_6 | fill in the blank 55e70cfeffa9fb9_7 | fill in the blank 55e70cfeffa9fb9_8 |
No. 403 | fill in the blank 55e70cfeffa9fb9_9 | fill in the blank 55e70cfeffa9fb9_10 | fill in the blank 55e70cfeffa9fb9_11 | fill in the blank 55e70cfeffa9fb9_12 |
No. 404 | fill in the blank 55e70cfeffa9fb9_13 | fill in the blank 55e70cfeffa9fb9_14 | fill in the blank 55e70cfeffa9fb9_15 | fill in the blank 55e70cfeffa9fb9_16 |
No. 405 | fill in the blank 55e70cfeffa9fb9_17 | fill in the blank 55e70cfeffa9fb9_18 | fill in the blank 55e70cfeffa9fb9_19 | fill in the blank 55e70cfeffa9fb9_20 |
No. 406 | fill in the blank 55e70cfeffa9fb9_21 | fill in the blank 55e70cfeffa9fb9_22 | fill in the blank 55e70cfeffa9fb9_23 | fill in the blank 55e70cfeffa9fb9_24 |
Total | $fill in the blank 55e70cfeffa9fb9_25 |
Feedback
Multiply the factory overhead rate by the number of machine hours for each job. Include the direct materials, direct factory labor, and factory overhead for each job.
2. Prepare a schedule of jobs finished in April.
Waddell Equipment Company | ||||
Schedule of Jobs Finished | ||||
For the Month of April 30, 20Y4 | ||||
Job | Direct Materials | Direct Labor | Factory Overhead | Total |
No. 401 | $fill in the blank 445ea50b103004a_1 | $fill in the blank 445ea50b103004a_2 | $fill in the blank 445ea50b103004a_3 | $fill in the blank 445ea50b103004a_4 |
No. 402 | fill in the blank 445ea50b103004a_5 | fill in the blank 445ea50b103004a_6 | fill in the blank 445ea50b103004a_7 | fill in the blank 445ea50b103004a_8 |
No. 403 | fill in the blank 445ea50b103004a_9 | fill in the blank 445ea50b103004a_10 | fill in the blank 445ea50b103004a_11 | fill in the blank 445ea50b103004a_12 |
No. 405 | fill in the blank 445ea50b103004a_13 | fill in the blank 445ea50b103004a_14 | fill in the blank 445ea50b103004a_15 | fill in the blank 445ea50b103004a_16 |
Total | $fill in the blank 445ea50b103004a_17 |
Feedback
Include the direct materials, direct labor, and factory overhead for each finished job.
3. Prepare a schedule of jobs sold in April.
Waddell Equipment Company | |
Schedule of Jobs Sold | |
For the Month of April 30, 20Y4 | |
Job | |
No. 401 | $fill in the blank 980ef5f3c038017_1 |
No. 402 | fill in the blank 980ef5f3c038017_2 |
No. 403 | fill in the blank 980ef5f3c038017_3 |
Total | $fill in the blank 980ef5f3c038017_4 |
Feedback
Include the total costs for each job sold. Recall that these costs become part of the cost of goods sold account.
What account does this schedule support for the month of April? Cost of goods sold
Feedback
Include the total costs for each job sold. Recall that these costs become part of the cost of goods sold account.
4. Prepare a schedule of completed jobs on hand as of April 30, 20Y4.
Waddell Equipment Company | ||||
Schedule of Completed Jobs on Hand | ||||
For the Month of April 30, 20Y4 | ||||
Job | Direct Materials | Direct Labor | Factory Overhead | Total |
Finished Goods, April 30 (Job 405) | $fill in the blank 74492806ef8103d_1 | $fill in the blank 74492806ef8103d_2 | $fill in the blank 74492806ef8103d_3 | $fill in the blank 74492806ef8103d_4 |
Feedback
Include the direct materials, direct labor, and factory overhead for each job finished but not sold. Remember that this is listed as finished goods inventory.
What account does this schedule support? Finished goods
Feedback
Include the direct materials, direct labor, and factory overhead for each job finished but not sold. Remember that this is listed as finished goods inventory.
5. Prepare a schedule of unfinished jobs as of April 30, 20Y4.
Waddell Equipment Company | ||||
Schedule of Unfinished Jobs | ||||
For the Month of April 30, 20Y4 | ||||
Job | Direct Materials | Direct Labor | Factory Overhead | Total |
No. 404 | $fill in the blank eb6a88faf035fb3_1 | $fill in the blank eb6a88faf035fb3_2 | $fill in the blank eb6a88faf035fb3_3 | $fill in the blank eb6a88faf035fb3_4 |
No. 406 | fill in the blank eb6a88faf035fb3_5 | fill in the blank eb6a88faf035fb3_6 | fill in the blank eb6a88faf035fb3_7 | fill in the blank eb6a88faf035fb3_8 |
Balance of Work in Process, April 30 | $fill in the blank eb6a88faf035fb3_9 |
Feedback
Include the direct materials, direct labor, and factory overhead for each job that remained unfinished. Remember that this is listed as work-in-process inventory.
What account does this schedule support? Work in process
Feedback
Include the direct materials, direct labor, and factory overhead for each job that remained unfinished. Remember that this is listed as work-in-process inventory.
6. Determine the gross profit for April based upon the jobs sold. Ignore the difference between actual and applied factory overhead. $fill in the blank b629e1fbff83ff4_1
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