Sheree_JohnsonII_BUS340_Assignemnt3

Sheree_JohnsonII_BUS340_Assignemnt3 - Sheree M. Johnson II...

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Unformatted text preview: Sheree M. Johnson II October 30, 2010 BUS340 Managerial Accounting Exercise 19-1 Documents in job order cost accounting A. Factory Payroll account B. Materials ledger card C. Time ticket D. Voucher E. Materials requisition F. Factory Overhead account G. Clock card C 1. Shows amount of time an employee works on a job. A 2. Temporarily accumulates incurred labor costs until they are assigned to specific jobs or to overhead. G 3. Shows only total time an employee works each day. B 4. Perpetual inventory record of raw materials received, used, and available for use. D 5. Shows amount approved for payment of an overhead or other cost. F 6. Temporarily accumulates the cost of incurred overhead until the cost is assigned to specific jobs. E 7. Communicates the need for materials to complete a job. Exercise 19-2 Analysis of costs assigned to goods in process 1. Determine the overhead rate used (based on direct material cost). Predetermine overhead rate = estimated overhead costs/ estimated material cost 600,000/1,500,00 = 0.4% = 40% 2. Only one job remained in the goods in process inventory at December 31, 2008. Its direct materials cost is $30,000. How much direct labor cost and overhead cost are assigned to it? Total cost of job in process (given)....................................................... $ 50,000 Less materials cost of job in process (given)........................................ (30,000 ) Less overhead applied (30,000 x 40%)................................................. (12,00 ) Direct labor cost.................................................................................... $ 8,000 Exercise 19-3 Cost flows in a job order cost system 1. Cost of direct materials used Beginning raw materials inventory...................................................................... $ 43,000 Plus purchases...................................................................................................... 210,000 Raw materials available....................................................................................... 253,000 Less ending raw materials inventory.................................................................... (52,000...
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This note was uploaded on 01/16/2011 for the course BUS 340 taught by Professor Linlu during the Spring '10 term at Stratford.

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Sheree_JohnsonII_BUS340_Assignemnt3 - Sheree M. Johnson II...

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