Chapter 2 - 2-3The job cost sheet is used to record all...

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Unformatted text preview: 2-3The job cost sheet is used to record all costs that are assigned to a particular job. These costs include direct materials and direct labor costs traced to the job and manufacturing overhead cost applied to the job. When a job is completed, the job cost sheet is used to compute the unit product cost. The job cost sheet is also a control document for determining (1) how many units have been sold and the cost of these units and (2) how many units are still in inventory at the end of a period and the cost of these units on the balance sheet.Exercise 2-9 (30 minutes)1.a. Raw Materials Inventory.......................................210,000Accounts Payable..............................................210,000b. Work in Process....................................................152,000Manufacturing Overhead......................................38,000Raw Materials Inventory....................................190,000c.Work in Process....................................................49,000Manufacturing Overhead......................................21,000Salaries and Wages Payable............................70,000d. Manufacturing Overhead......................................105,000Accumulated Depreciation.................................105,000e. Manufacturing Overhead......................................130,000Accounts Payable..............................................130,000f.Work in Process....................................................300,000Manufacturing Overhead...................................300,00075,000 machine-hours $4 per machine-hour = $300,000.g. Finished Goods.....................................................510,000Work in Process.................................................510,000h. Cost of Goods Sold...............................................450,000Finished Goods..................................................450,000Accounts Receivable............................................675,000Sales..................................................................Sales....
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Chapter 2 - 2-3The job cost sheet is used to record all...

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