RAUCH -CHP 19 Homework Problems.xlsx - HORNGREN'S...

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HORNGREN'S ACCOUNTING - Eleventh Edition Chapter 19: Job Order Costing Page 1 of 8 Chapter 19 Homework Problems (20 points total) You must complete all fields highlighted in this green Answers in red have been provided for you by the instructor Name: Rose Rauch E-19 (1 point) Complete the table and match the terms to their definitions. Solution: Item # Item a. A record used to assign direct labor cost to specific jobs 4 Labor Time Record b. 5 Materials Requisition c. 2 Job Cost Record d. 6 Process Costing System e. The production of a unique product of specialized service 1 Job f. 3 Job Order Costing System Request for the transfer of materials to the production floor Document that shows the direct materials, direct labor, and manufacturing overhead costs for an individual job An accounting system that accumulates costs by process Used by companies that manufacture unique products or provide specialized services
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HORNGREN'S ACCOUNTING - Eleventh Edition Chapter 19: Job Order Costing Page 2 of 8 E19-19 (5 points) Requirements 1. Compute the predetermined overhead allocation rate per direct labor dollar. 2. Prepare the journal entry to allocate overhead cost for the year. 3. 4. Solution: Requirement 1 Total estimated overhead cost 120,000 Total estimated quanity of overhead allocation base 100,000 Predetermined overhead allocation rate 1.2 or 120% of direct labor cost Requirement 2 Date Accounts and Explanation Debit Credit Dec. 31 Work-in-Process Inventory 85,200 Manufacturing Overhead 85,200 Requirement 3
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