> ZOOM ACC-212, Project 2 - Job Order Costing Stinson received two orders (obs 10 and 11) to create 2 cars for each job. STEP 1 STEP a STEP 2b STEP 2c STEPS 3 and 4 Total Points Manufacturing Costs Raw Materials Purchased $ 55,000 Factory Labor Costs Wages Payable Payroll Taxes Payable in February 50,000 40,000 Manufacturing Overhead Utilities 10,000 Property Taxes Payable 5,800 Work-In-Process Transfer Job 10 Job 11 Direct Materials $ 25,000 $ 20.000 Indirect Materials 5,000 5,000 Direct Labor 40,000 35,000 Indirect Labor 10,000 5.000 STEP 1: Accumulating Manufacturing Costs Excel Functions: SUM: Cell Referencing Below are transactions related to the manufacturing costs for the two jobs Journalize the entries for each type of Manufacturing Cost. In the Debit and Credit fields link to the values above and use formulas as necessary 1. On January 4, Stinson purchased $55,000 in raw materials on account 2. On January 31, Stinson incurs $90,000 of factory labor costs. $50,000 relates to wages payable and $40,000 relates to payroll taxes payable in February 3. On January 31, Stinson estimates having $15,800 in manufacturing overhead, of which $10,000 is utilities and 55.800 is for property taxes payable Student Work Area Required: Provide input into cells shaded in yellow in this template. Use cell references to the Problem area for amounts not Debit Credit Description Date Cell Reference Purchase Raw Materials Cell Reference Jan. 31 Sum or Add Factory Labor Cell Reference Cell Reference Sum or Add Jan 31 Manufacturing Overhead Cell Reference Jan 4 ZOOM + Sum Manufacturing Overhead Jan. 31 Cerence Sum or Add Cell Reference Call Reference STEP 2: Calculate the Pre Determined Overhead Rate Total Debits and Credits Sum Excel Functions: Formula Calculate the Predetermined Overhead Rate for Stinson using the information Stinson uses direct labor costs to calculate the Predetermined Overhead Rate Estimated Annual Overhead Costs: 25,000 Expected Direct Labor Cost: 100,000 Student Work Area Required: Provide input into cells shaded in yellow in this template. Uw cell references to the Problem area. For amount of Predetermined Overhead Rate! Divide STEP 2: Accumulating Manufacturing Costs Excel Functions: Formulas; Cell Referencing Below are transactions related to the manufacturing costs for the twojobs Journalize the entries for each type of Manufacturing Cost in the Debit and Credit fields link to the values above and we formula a neonary 1. Stinton uses $45.000 of direct materials and $10,000 of indirect materials on January 31 2. Per the time tickets for the jobs, 575.000 is related to direct labor and 515.000 toindrect labor 3. Using the Predetermined Overhead Rate calculated in Part 2a prepare the entry for applying Manufacturing Overhead to Work in Process Student Work Area Required: Provide input into cells shaded in yellow in this template. Use cell references to the Problem area. For amounts not Debat Date Credit Description Align Raw Materials to WIP Jan 1 Add fum Add add Assign Factory Labor to WIP an : Add dd Sum Multipy Apply Manufacturing Overhead to WIP Jan 31 Call Reference Sum Total Debits and Credits STEP 2: Accumulating Manufacturing Costs Excel Functions: Formulas Cell Referencing Add Sum Sum Divide Direct Later Cell Reference Manufacturing Overhead Celine Total Com Unit Costum/21 STEPS 3 and 4: Transfer of Completed Goods to Finished Goods lewentory and Recording of the Sale Function: SUM; Cell Referencing Using Excel to Record Job Order Costing Entries Stud PROBLEM Required Provide input into ce shade In ianuary, Stinson Company completes Jobs 10 and 11. On Manuary 31, the company old sob 10 to the customer for cath Information concerning the the Problem area. For amount note Sales price of lob 10 $ 200.000 Journalue the entries for the completion Completion jobs Jan 31 Reception of revenue Recognition of expenses 31
