POA11e20 - CHAPTER 20Solutions COSTING SYSTEMS: JOB ORDER...

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Ch20 SE1 to SE5 COSTING SYSTEMS: JOB ORDER COSTING Chapter 20, SE 1. 1. yes 2. yes 3. yes Chapter 20, SE 2. 1. no 4. yes 2. no 5. no 3. yes Chapter 20, SE 3. 1. process 4. process 2. job order 5. process 3. job order 6. job order Chapter 20, SE 4. 1. Dr. Materials Inventory, Cr. Accounts Payable 2. Dr. Work in Process Inventory, Cr. Payroll Payable 3. Dr. Work in Process Inventory, Cr. Materials Inventory 4. Dr. Work in Process Inventory, Cr. Overhead Chapter 20, SE 5. Work in Process Inventory Overhead (1) 34,000 (1) 18,000 82,420 (2) (2) 82,420 Payroll Payable 52,000 (1) CHAPTER 20 Solutions
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Ch20 SE6 to SE8 Chapter 20, SE 6. 1. Dr. Work in Process Inventory, Cr. Materials Inventory 2. Dr. Work in Process Inventory, Cr. Payroll Payable 3. Dr. Materials Inventory, Cr. Accounts Payable 4. Dr. Overhead, Cr. Accounts Payable 5. Dr. Work in Process Inventory, Cr. Overhead 6. Dr. Finished Goods Inventory, Cr. Work in Process Inventory Chapter 20, SE 7. 1. yes 4. no 2. yes 5. yes 3. no 6. yes All product costs are included in a unit's cost, including costs of direct materials, direct labor, and overhead. Selling, marketing, and administrative costs are not used to compute a product unit cost. Chapter 20, SE 8. Job Order: 168 JOB ORDER COST CARD Keeper 3000 Apache City, North Dakota Customer: Brian Patcher Batch: Custom: X Specifications: 6 Custom-Built Computer Systems Date of Order: 4/4/2011 Date of Completion: 6/8/2011 Previous Current Cost Costs Charged to Job Months Month Summary Direct materials $3,540 $2,820 $ 6,360 Direct labor 2,340 1,620 3,960 Overhead applied 2,880 2,550 5,430 Totals $8,760 $6,990 $15,750 Units completed 6 Product unit cost $ 2,625 ÷
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Ch20 SE9 to SE10 Chapter 20, SE 9. 1. Dr. Accounts Receivable, Cr. Revenues from Landscaping Services 2. Dr. Materials Inventory, Cr. Accounts Payable 3. Dr. Wages Expense, Cr. Cash 4. Dr. Equipment Rental Expense, Cr. Cash Chapter 20, SE 10. Job Order: 2011-A7 JOB ORDER COST CARD Doremus Tax Service Puyallup, Washington Customer: Arthur Farnsworth Batch: Custom: X Specifications: Annual Individual Tax Return Date of Order: 3/24/2011 Date of Completion: 4/8/2011 Previous Current Total Costs Charged to Job Months Month Cost Client interview Supplies $ 10 $ $ 10 Labor 50 60 110 Overhead ( 40% of interview labor costs ) 20 24 44 Totals $ 80 $ 84 $164 Preparation of return Supplies $ $ 16 $ 16 Computer time $ 12 12 Labor $ 240 240 Overhead ( 50% of preparation labor costs ) $ 120 120 Totals $ $388 $388 Delivery Postage $ $ 12 $ 12 Totals $ $ 12 $ 12 Total Cost Summary to Date Cost Client interview $164 Preparation of return 388 Delivery 12 Total $564 Profit margin ( 25% of total cost ) 141 Job revenue $705 + + + + + + + +
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Ch20 E1 to E4 Chapter 20, E 1. 1. yes 6. no 2. yes 7. no 3. yes 8. yes 4. no 9. yes 5. yes 10. no Chapter 20, E 2. a. process b. process c. job order d. process e. job order f. process g. process h. job order Chapter 20, E 3. a. process b. process c. job order d. job order e. process f. job order g. process h. job order Chapter 20, E 4. The cost flow of each of the three product cost elements and the Work in Process Inventory account can be described as follows: the Materials Inventory account. Following a materials request, the items requested are issued to the production departments. Direct materials costs are then transferred from the Materials Inventory account to the Work in Process Inventory account. In
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This note was uploaded on 11/02/2011 for the course ACCT 210 taught by Professor Mcgonigal during the Spring '11 term at E. Washington.

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POA11e20 - CHAPTER 20Solutions COSTING SYSTEMS: JOB ORDER...

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