Homework Chp. 2 - Mark Meggison ACC 121-Section 82 CHAPTER...

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Mark Meggison – ACC 121-Section 82 CHAPTER 2 Job Order Cost Accounting PROBLEM 2-1A (a) $400,000 ÷ $300,000 direct labor costs = 133% of direct labor costs (b) See solution to part (e) for job cost sheets (c) Raw Materials Inventory. ............................................ 45,000 Accounts Payable. ............................................... 45,000 Factory Labor. .............................................................. 35,500 Employer Payroll Taxes Payable. ...................... 6,500 Factory Wages Payable. ..................................... 29,000 Manufacturing Overhead. ........................................... 35,500 Raw Materials Inventory. .................................... 10,000 Factory Labor. ...................................................... 7,500 Accumulated Depreciation. ................................ 12,000 Accounts Payable. ............................................... 6,000 (d) Work in Process Inventory. ........................................ 40,000
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Mark Meggison – ACC 121-Section 82 Raw Materials Inventory. .................................... 40,000 ($5,000 + $20,000 + $15,000) Work in Process Inventory. ........................................ 24,000 Factory Labor. ...................................................... 24,000 ($3,000 + $12,000 + $9,000) Work in Process Inventory. ........................................ 31,920 Manufacturing Overhead. ................................... 31,920 ($24,000 X 133% of direct labor costs) See solution to part (e) for postings to job cost sheets. (e) Job Cost Sheets Job No. 25 Date Direct Materials Direct Labor Manufacturing Overhead Beg. Jan. $10,000 5,000 $15,000 $6,000 3,000 $9,000 * $9,000 * * 3,990 * * $12,990 * Cost of completed job Direct materials. ............................................................... $15,000 Direct labor. ...................................................................... 9,000 Manufacturing overhead. ................................................ 12,990 Total cost. ................................................................................. $36,990 *$3,000 X 133% Job No. 26 Date Direct Materials Direct Labor Manufacturing Overhead Jan. $20,000 $20,000 $12,000 $12,000 ** $15,960 ** ** $15,960 **
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This note was uploaded on 03/24/2008 for the course ACC 121 taught by Professor Ross during the Fall '07 term at Central Piedmont Community College.

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Homework Chp. 2 - Mark Meggison ACC 121-Section 82 CHAPTER...

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