1 Information 3 Hourly Wage Rates: 4 Department 5 Engineering 6 Programming 7 Assembly Rate /Hour $18.00 $25.00 $31.00 Manufacturing overhead is applied to jobs using a pre-determined factory-wide rate 9 per direct labour hour based on the following annual budgets: 10 Budgeted manufacturing overhead 11 Budgeted direct labour hours 12 13 During September Job 4971 was started and completed 14 Job 4971 was invoiced on 18 September for the quoted price of: $72,500.00 $7,600.00 $37,860.00 15 16 Journal Accounts 17 Accounts Payable 18 Accounts Receivable 19 Manufacturing Overhead 20 Cost of Goods Sold 21 Finished Goods Inventory 22 Materials Inventory 23 Sales 24 Wages Payable 25 Work in Process Inventory G28 4 x V fx ATC D 1 Completed Job Summary for 2019 E Days Taken Overhead Total Cost $ Margin GP Percent Man Hours 662 46 739 423 3 Job No. 4 JOB_4950 5 JOB_4951 6 JOB_4952 7 JOB_4953 8 JOB_4954 9 JOB_4955 10 JOB_4956 11 JOB_4957 12 JOB_4958 13 JOB_4959 14 JOB_4960 15 JOB_4961 16 JOB_4962 17 JOB_4963 18 JOB_4964 19 JOB_4965 20 JOB_4966 21 JOB_4967 22 JOB_4968 23 JOB_4969 24 JOB_4970 Date Started Date Completed 2/1/19 17/2/19 25/1/19 8/3/19 26/1/19 18/2/19 26/1/19 20/2/19 11/2/19 26/2/19 16/2/19 5/4/19 20/2/19 28/2/19 22/2/19 11/3/19 6/3/19 23/3/19 19/3/19 24/4/19 2/4/19 22/4/19 15/4/19 5/5/19 17/4/19 27/5/19 27/4/19 14/5/19 12/5/19 7/6/19 5/6/19 10/7/19 7/6/19 11/7/19 13/6/19 31/7/19 26/7/19 9/9/19 1/8/19 27/8/19 3/8/19 13/8/19 340 180 499 141 272 177 720 272 272 416 136 312 476 326 499 864 374 104 Material Cost $77,648.00 $72,828.00 $25,714.00 $49,400.00 $29,280.00 $59,712.00 $7,464.00 $22,219.00 $15,385.00 $43,992.00 $39,120.00 $34,320.00 $68,560.00 $30,005.00 $39,390.00 $66,570.00 $31,008.00 $74,880.00 $46,845.00 $34,008.00 $9,660.00 Labour Cost $15,226.00 $19,953.00 $9,729.00 $7,480.00 $5,220.00 $11,976.00 $3,102.00 $6,528.00 $5,133.00 $15,840.00 $5,984.00 $5,984.00 $8,736.00 $3,808.00 $7,488.00 $11,424.00 $8,802.00 $12,974.00 $19,872.00 $11,220.00 $2,912.00 Invoice Amount $118,880.00 $104,840.00 $44,300.00 $60,860.00 $37,610.00 $76,710.00 $13,100.00 $30,180.00 $26,880.00 $59,230.00 $49,160.00 $50,780.00 $82,710.00 $35,500.00 $55,320.00 $94,370.00 $46,180.00 $112,450.00 $73,390.00 $57,440.00 $15,460.00 45 598 26 1 Job Stats for 2019 598 3 Total Days Work 4 Total Revenue 5 Average Material Cost 6 Highest Labour Cost 7 Lowest Labour Cost 8 Number of Completed Jobs 9 Highest Revenue Job No. Number of Jobs Jobs with a loss Average Revenue Total $ Profit 12 Manager 13 Amir 14 Toni 15 Martin Inventory In Stock On Backorder Retail Price Over-Stocked Re-Order Reorder Qty Yes 28% 25 5 Yes % Markup Maximum Stock Level Minimum Stock Level No. Item Codes to re-order No. Item Codes Over-Stocked Total Inventory Value Yes Reorder Quantities: Item Cost Re-Order Qty $100 $300 $500 $1,000 Code C1019 5 M1021 6 M1022 7 R1001 8 R1002 9 R1003 10 R1004 11 R1005 12 R1006 13 R1007 14 R1023 15 R1024 16 R1025 17 S1008 18 S1009 19 S1010 20 S1011 21 S1012 22 s1013 23 s1014 24 S1015 25 S1016 26 S1017 27 S1018 28 S1020 29 C1219 30 M1221 31 M1222 32 R1201 33 R1202 34 R1203 35 R 1204 36 R1205 37 R 1206 38 R1207 39 R1223 40 R1224 41 R1225 42 S1208 43 S1209 44 S1210 45 S1211 46 S1212 47 S1213 48 51214 49 S1215 50 S1216 51 91217 Description Connector Pack MGX 8025 Chip Set MGX 8066 Chip Set Robot Motor Kit Robot Kit 33A Robot Kit 38A Robot Kit 38G Robot Kit SP3 Robot Kit 448 Robot Kit 555 Relays - Small Pack Relays - Medium Pack Relays - Large Pack Servo Motors A21 (4 pack) Servo Motors B 21 (4 pack) Servo Motors A21 (8 pack) Servo Motors B21 (8 pack) SMC Pneumatic Part 3-44 SMC Pneumatic Part X-22 SMC Pneumatic Part X-33 SMC Pneumatic Part 3-47 SMC Pneumatic Part 3-48 SMC Pneumatic X 200mm SMC Pneumatic X 250mm SD Drive emc Connector Pack emc MGX 8025 Chip Set emc MGX 8066 Chip Set emc Robot Motor Kit emc Robot Kit 33A emc Robot Kit 38A emc Robot Kit 38G emc Robot Kit SP3 emc Robot Kit 448 emc Robot Kit 555 emc Relays - Small Pack emc Relays - Medium Pack emc Relays - Large Pack emc Servo Motors A21 (4 pack) emc Servo Motors B 21 (4 pack) emc Servo Motors A21 (8 pack) emc Servo Motors B21 (8 pack) emc SMC Pneumatic Part 3-44 emc SMC Pneumatic Part X-22 emc SMC Pneumatic Part X-33 emc SMC Pneumatic Part 3-47 emc SMC Pneumatic Part 3-48 emc SMC Pneumatic X 200mm fkkelbriffelffflffiflentilele Cost Price (each) $62.70 $119.70 $158.40 $1,401.60 $2,358.40 $2,615.00 $2,942.70 $3,080.50 $3,186.60 $3,325.20 $248.00 $313.20 $332.50 $896.101 $1,041.00 $1,890.00 $2,020.00 $605.80) $732.90) $866.801 $815.40) $806.70 $604.80 $623.10 $95.60 $73.00 $118.40) $142.601 $1,372.40 $2,381.701 $2,353.50) $2,885.00 $2,958.50 $3,186.60 $3,292.60) $248.00 $322.10 $309.70 $1,030.901 $959.40 $1,925.00 $1,960.00 $619.00 $667.60 $717.10 $807.90 $782.70 $515.20 F13 x fx Futura Robotics Pty Ltd Job No. 4971 Customer Swissa Manufacturing 288 William Street, Brookvale, 2100 Date Started: 02/09/2019 Date Finished: 15/09/2019 7 8 Job Detail Specs 3 x Robotic Welders As per detailed drawings, specifications Customer No: C463241 11 Quantity 13 14 DIRECT MATERIALS Date Department 14/9/19 Assembly 14/9/19 Assembly 14/9/19 Assembly 14/9/19 Assembly 8/9/19 Assembly 5/09/2019 Programming Reg.No. 225 225 225 228 224 223 Item Code Details/Description S1010 S1009 S1014 R1024 R1004 M1021 WWNNW Total Cost Direct Materials: 23 Rate Cost Hours 32 DIRECT LABOUR Date | Department | 16/9/19 Engineering 14/9/19 Assembly 1/9/19 Programming 9/9/19 Engineering 8/9/19 Assembly 5/9/19 Programming 2/9/19 Engineering Time No. 1028 A388 P227 1026 A386 P225 1024 Details/Description Installation of robots Final assembly in frame and finishing Re-programming Change design request Installing robot kit and servos Programming MGX 8025 Chip Set Design, blue prints and specifications prepared 15 88 21 Average Hourly Rate: Total Cost Labour: Hours MANUFACTURING OVERHEAD Month Department September Assembly September Engineering September Programming Application method Direct labour hours Direct labour hours Direct labour hours 39 41 Total Manufacturing Overhead: 43 SUMMARY Total Cost Quoted Price GP Percent 49 G23 x fx 1 Journal Entries for Job 4971 The Materials inventory was debited for the cost of the materials at time of purchase, so this has already been done. You will need to complete the other journal entries for Job 4971. Select the appropriate accounts from the drop down lists, then calculate the appropriate debit and credit amounts (use an Excel formula, do not just type the values in). Account Debit Credit Issue of direct materials to production Direct labour incurred 12 13 15 Overhead applied to production Cost of finished production transferred to Finished Goods store 23 Cost of finished product sold September Sales 1 Information 3 Hourly Wage Rates: 4 Department 5 Engineering 6 Programming 7 Assembly Rate /Hour $18.00 $25.00 $31.00 Manufacturing overhead is applied to jobs using a pre-determined factory-wide rate 9 per direct labour hour based on the following annual budgets: 10 Budgeted manufacturing overhead 11 Budgeted direct labour hours 12 13 During September Job 4971 was started and completed 14 Job 4971 was invoiced on 18 September for the quoted price of: $72,500.00 $7,600.00 $37,860.00 15 16 Journal Accounts 17 Accounts Payable 18 Accounts Receivable 19 Manufacturing Overhead 20 Cost of Goods Sold 21 Finished Goods Inventory 22 Materials Inventory 23 Sales 24 Wages Payable 25 Work in Process Inventory G28 4 x V fx ATC D 1 Completed Job Summary for 2019 E Days Taken Overhead Total Cost $ Margin GP Percent Man Hours 662 46 739 423 3 Job No. 4 JOB_4950 5 JOB_4951 6 JOB_4952 7 JOB_4953 8 JOB_4954 9 JOB_4955 10 JOB_4956 11 JOB_4957 12 JOB_4958 13 JOB_4959 14 JOB_4960 15 JOB_4961 16 JOB_4962 17 JOB_4963 18 JOB_4964 19 JOB_4965 20 JOB_4966 21 JOB_4967 22 JOB_4968 23 JOB_4969 24 JOB_4970 Date Started Date Completed 2/1/19 17/2/19 25/1/19 8/3/19 26/1/19 18/2/19 26/1/19 20/2/19 11/2/19 26/2/19 16/2/19 5/4/19 20/2/19 28/2/19 22/2/19 11/3/19 6/3/19 23/3/19 19/3/19 24/4/19 2/4/19 22/4/19 15/4/19 5/5/19 17/4/19 27/5/19 27/4/19 14/5/19 12/5/19 7/6/19 5/6/19 10/7/19 7/6/19 11/7/19 13/6/19 31/7/19 26/7/19 9/9/19 1/8/19 27/8/19 3/8/19 13/8/19 340 180 499 141 272 177 720 272 272 416 136 312 476 326 499 864 374 104 Material Cost $77,648.00 $72,828.00 $25,714.00 $49,400.00 $29,280.00 $59,712.00 $7,464.00 $22,219.00 $15,385.00 $43,992.00 $39,120.00 $34,320.00 $68,560.00 $30,005.00 $39,390.00 $66,570.00 $31,008.00 $74,880.00 $46,845.00 $34,008.00 $9,660.00 Labour Cost $15,226.00 $19,953.00 $9,729.00 $7,480.00 $5,220.00 $11,976.00 $3,102.00 $6,528.00 $5,133.00 $15,840.00 $5,984.00 $5,984.00 $8,736.00 $3,808.00 $7,488.00 $11,424.00 $8,802.00 $12,974.00 $19,872.00 $11,220.00 $2,912.00 Invoice Amount $118,880.00 $104,840.00 $44,300.00 $60,860.00 $37,610.00 $76,710.00 $13,100.00 $30,180.00 $26,880.00 $59,230.00 $49,160.00 $50,780.00 $82,710.00 $35,500.00 $55,320.00 $94,370.00 $46,180.00 $112,450.00 $73,390.00 $57,440.00 $15,460.00 45 598 26 1 Job Stats for 2019 598 3 Total Days Work 4 Total Revenue 5 Average Material Cost 6 Highest Labour Cost 7 Lowest Labour Cost 8 Number of Completed Jobs 9 Highest Revenue Job No. Number of Jobs Jobs with a loss Average Revenue Total $ Profit 12 Manager 13 Amir 14 Toni 15 Martin Inventory In Stock On Backorder Retail Price Over-Stocked Re-Order Reorder Qty Yes 28% 25 5 Yes % Markup Maximum Stock Level Minimum Stock Level No. Item Codes to re-order No. Item Codes Over-Stocked Total Inventory Value Yes Reorder Quantities: Item Cost Re-Order Qty $100 $300 $500 $1,000 Code C1019 5 M1021 6 M1022 7 R1001 8 R1002 9 R1003 10 R1004 11 R1005 12 R1006 13 R1007 14 R1023 15 R1024 16 R1025 17 S1008 18 S1009 19 S1010 20 S1011 21 S1012 22 s1013 23 s1014 24 S1015 25 S1016 26 S1017 27 S1018 28 S1020 29 C1219 30 M1221 31 M1222 32 R1201 33 R1202 34 R1203 35 R 1204 36 R1205 37 R 1206 38 R1207 39 R1223 40 R1224 41 R1225 42 S1208 43 S1209 44 S1210 45 S1211 46 S1212 47 S1213 48 51214 49 S1215 50 S1216 51 91217 Description Connector Pack MGX 8025 Chip Set MGX 8066 Chip Set Robot Motor Kit Robot Kit 33A Robot Kit 38A Robot Kit 38G Robot Kit SP3 Robot Kit 448 Robot Kit 555 Relays - Small Pack Relays - Medium Pack Relays - Large Pack Servo Motors A21 (4 pack) Servo Motors B 21 (4 pack) Servo Motors A21 (8 pack) Servo Motors B21 (8 pack) SMC Pneumatic Part 3-44 SMC Pneumatic Part X-22 SMC Pneumatic Part X-33 SMC Pneumatic Part 3-47 SMC Pneumatic Part 3-48 SMC Pneumatic X 200mm SMC Pneumatic X 250mm SD Drive emc Connector Pack emc MGX 8025 Chip Set emc MGX 8066 Chip Set emc Robot Motor Kit emc Robot Kit 33A emc Robot Kit 38A emc Robot Kit 38G emc Robot Kit SP3 emc Robot Kit 448 emc Robot Kit 555 emc Relays - Small Pack emc Relays - Medium Pack emc Relays - Large Pack emc Servo Motors A21 (4 pack) emc Servo Motors B 21 (4 pack) emc Servo Motors A21 (8 pack) emc Servo Motors B21 (8 pack) emc SMC Pneumatic Part 3-44 emc SMC Pneumatic Part X-22 emc SMC Pneumatic Part X-33 emc SMC Pneumatic Part 3-47 emc SMC Pneumatic Part 3-48 emc SMC Pneumatic X 200mm fkkelbriffelffflffiflentilele Cost Price (each) $62.70 $119.70 $158.40 $1,401.60 $2,358.40 $2,615.00 $2,942.70 $3,080.50 $3,186.60 $3,325.20 $248.00 $313.20 $332.50 $896.101 $1,041.00 $1,890.00 $2,020.00 $605.80) $732.90) $866.801 $815.40) $806.70 $604.80 $623.10 $95.60 $73.00 $118.40) $142.601 $1,372.40 $2,381.701 $2,353.50) $2,885.00 $2,958.50 $3,186.60 $3,292.60) $248.00 $322.10 $309.70 $1,030.901 $959.40 $1,925.00 $1,960.00 $619.00 $667.60 $717.10 $807.90 $782.70 $515.20 F13 x fx Futura Robotics Pty Ltd Job No. 4971 Customer Swissa Manufacturing 288 William Street, Brookvale, 2100 Date Started: 02/09/2019 Date Finished: 15/09/2019 7 8 Job Detail Specs 3 x Robotic Welders As per detailed drawings, specifications Customer No: C463241 11 Quantity 13 14 DIRECT MATERIALS Date Department 14/9/19 Assembly 14/9/19 Assembly 14/9/19 Assembly 14/9/19 Assembly 8/9/19 Assembly 5/09/2019 Programming Reg.No. 225 225 225 228 224 223 Item Code Details/Description S1010 S1009 S1014 R1024 R1004 M1021 WWNNW Total Cost Direct Materials: 23 Rate Cost Hours 32 DIRECT LABOUR Date | Department | 16/9/19 Engineering 14/9/19 Assembly 1/9/19 Programming 9/9/19 Engineering 8/9/19 Assembly 5/9/19 Programming 2/9/19 Engineering Time No. 1028 A388 P227 1026 A386 P225 1024 Details/Description Installation of robots Final assembly in frame and finishing Re-programming Change design request Installing robot kit and servos Programming MGX 8025 Chip Set Design, blue prints and specifications prepared 15 88 21 Average Hourly Rate: Total Cost Labour: Hours MANUFACTURING OVERHEAD Month Department September Assembly September Engineering September Programming Application method Direct labour hours Direct labour hours Direct labour hours 39 41 Total Manufacturing Overhead: 43 SUMMARY Total Cost Quoted Price GP Percent 49 G23 x fx 1 Journal Entries for Job 4971 The Materials inventory was debited for the cost of the materials at time of purchase, so this has already been done. You will need to complete the other journal entries for Job 4971. Select the appropriate accounts from the drop down lists, then calculate the appropriate debit and credit amounts (use an Excel formula, do not just type the values in). Account Debit Credit Issue of direct materials to production Direct labour incurred 12 13 15 Overhead applied to production Cost of finished production transferred to Finished Goods store 23 Cost of finished product sold September Sales
