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"Birminham Contractors uses a job order costing system. In May 2010, the company made $3,300,000 bid to build a pedestrian overpass over the beach highway at Gulf Shores, Alabama. Birminham Contractors won the bid and assigned #515 to the project. Its completion date was set at December 15, 2010. The following costs were estimated for completion of the overpass: $1,240,000 for direct material, $670,000 for direct labor and $402,000 for overhead.
During July, work began on job #515; direct material cost assigned to job #515 was $121,800, and direct labor cost associated with it was $175,040. The firm uses a pre-determined OH rate of 60% of direct labor cost. Birminham Contractors also worked on several other jobs during July and incurred the following costs:
Direct Materials (including job #515) issued $579,300
Direct Labor (including job #515) accrued $84,000
Indirect Labor $55,800
Administrative salaries and wages accrued $39,600
Depreciation on construction equipment $26,400
Depreciation on office equipment $7,800
Client entertainment (on accounts payable) $11,100
Advertising for firm (paid in cash) $6,600
Indirect Material (from supplies inventory) $ 18,600
Misc. expenses (design-related; to be paid in the following month) $10,200
Accrued Utilities (for office, $1,800; for construction, $5,400) $7,200
During July, Birminham Contractors completed several jobs that had been in process before the beginning of the month. These completed jobs sold for
$1,224,000 and payment will be made to the company in August. The related job cost sheets showed costs associated with those jobs of $829,000. At the beginning of July, Birminham Contractors had Work in Process Inventory $871,800."
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