SHOW ALL YOUR CALCULATIONS
Baker Die Company manufactures cutting dies for the shoeindustry. Each set of dies is custom designed to a customerâstemplate. During the first week of May, six orders were receivedfrom customers. They were assigned job numbers 1005-1010. Thefollowing transactions occurred during the first week of May.
Purchased steel from West City Steel costing $4,800. Receivedand paid for supplies (indirect materials) from Marbella Supplycosting $ 2,200. Material requisitions indicated that materialswere issued to the factory floor as follows:
Job No. Direct Materials Indirect Materials 1005 $560 1006 730 1007 1,480 1008 540 1009 370 1010 285 Totals $3,965 $799
The labor time ticket summaryreflected the following cost for the week:
Job No. Direct Labor Indirect Labor 1005 $1,420 1006 1,840 1007 3,220 1008 1,200 1009 720 1010 560 Totals $8,960 $6,400
Overhead was applied to all jobs inprocess at 180 percent of direct labor cost. Jobs 1005, 1006, 1007,and 1008 were completed and transferred to finished goods. Jobs1009 and 1010 were still in process at the end of the week. Jobs1005, 1006, 1007, and 1008 were shipped to customers and billed at150 percent of total job cost.
REQUIRED: (Show all your calculations)
a. Calculate the total of each job.
b. Prepare Journal entries to record the above information
SHOW ALL YOUR CALCULATIONS
Baker Die Company manufactures cutting dies for the shoeindustry. Each set of dies is custom designed to a customerâstemplate. During the first week of May, six orders were receivedfrom customers. They were assigned job numbers 1005-1010. Thefollowing transactions occurred during the first week of May.
Purchased steel from West City Steel costing $4,800. Receivedand paid for supplies (indirect materials) from Marbella Supplycosting $ 2,200. Material requisitions indicated that materialswere issued to the factory floor as follows:
| Job No. | Direct Materials | Indirect Materials |
| 1005 | $560 | |
| 1006 | 730 | |
| 1007 | 1,480 | |
| 1008 | 540 | |
| 1009 | 370 | |
| 1010 | 285 | |
| Totals | $3,965 | $799 |
The labor time ticket summaryreflected the following cost for the week:
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| Overhead was applied to all jobs inprocess at 180 percent of direct labor cost. Jobs 1005, 1006, 1007,and 1008 were completed and transferred to finished goods. Jobs1009 and 1010 were still in process at the end of the week. Jobs1005, 1006, 1007, and 1008 were shipped to customers and billed at150 percent of total job cost. REQUIRED: (Show all your calculations) a. Calculate the total of each job. b. Prepare Journal entries to record the above information |
Related questions
| I NEED HELP WITH THE JOURNAL ENTRIES.PLEASE GIVE FORMULAS SO I CAN SEE HOW IT IS CALCULATED. THANK YOU!NEED BY 11 PM TONIGHT! | |||||||||
| Problem P2-3 Job-Order Costing: InventoryAccounts and Cost of Goods Sold | |||||||||
| Smith Die Companymanufactures cutting dies for the shoe industry. Each set of diesis custom designed to a customer's templates. During the first weekof May, six orders were received from customers. They were assignedjob numbers 1005-1010. The following transactions occurred duringthe first week of May. | |||||||||
| Smith Die purchased steel onaccount from Eastern City Steel costing | $ 5,500 | ||||||||
| The company received and paid for supplies(indirect materials) from Mallard Supply costing | $ 2,400 | ||||||||
| Material requisitions indicated that materials wereissued to the factory floor as follows: | |||||||||
| Job Number: | Direct Materials: | Indirect Materials: | |||||||
| 1005 | $ 650 | ||||||||
| 1006 | $ 850 | ||||||||
| 1007 | $ 1,550 | ||||||||
| 1008 | $ 650 | ||||||||
| 1009 | $ 450 | ||||||||
| 1010 | $ 350 | ||||||||
| Totals | $ 4,500 | $1,000 | |||||||
| The labor time ticket summary reflected thefollowing costs for the week: | |||||||||
| Job Number: | Direct Labor: | Indirect Labor: | |||||||
| 1005 | $ 1,600 | ||||||||
| 1006 | $ 2,000 | ||||||||
| 1007 | $ 3,300 | ||||||||
| 1008 | $ 1,400 | ||||||||
| 1009 | $ 900 | ||||||||
| 1010 | $ 700 | ||||||||
| Totals | $ 9,900 | $6,500 | |||||||
| Overhead was applied to alljobs in process at 180% of direct labor cost. Jobs 1005, 1006, 1007and 1008 were completed and transferred to finished goods. Jobs1009 and 1010 were still in process at the end of the week. Jobs1005, 1006, 1007, and 1008 were shipped to customers and billed at150% of total job cost. | |||||||||
| Required: | |||||||||
| Part a. Calculate thetotal cost of each job. | |||||||||
| Cost of Jobs: | |||||||||
| 1005 | 1006 | 1007 | 1008 | 1009 | 1010 | ||||
| Material | $650 | $850 | $1,550 | $650 | $450 | $350 | |||
| Labor | 1,600 | 2,000 | 3,300 | 1,400 | 900 | 700 | |||
| Overhead | 2,880 | 3,600 | 5,940 | 2,520 | 1,620 | 1,260 | |||
| Total | $5,130 | $6,450 | $10,790 | $4,570 | $2,970 | $2,310 | |||
| Part b. Prepare journalentries to record the above information. I NEED HELP WITH THEJOURNAL ENTRIES. PLEASE GIVE FORMULAS SO I CAN SEE HOW IT ISCALCULATED. THANK YOU! NEED BY 11 PM TONIGHT! | |||||||||
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