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Homework answers / question archive / Job Order Cost Sheet , Riverwood Accounting Company has the following account in its cost records: Work in Process—Jones AuditDirect labor160,000 Services completed 338,024 Project overhead 216,000 Riverwood applies overhead to projects at a predetermined rate based on direct labor costs
Job Order Cost Sheet ,
Riverwood Accounting Company has the following account in its cost records:
Work in Process—Jones AuditDirect labor160,000
Services completed 338,024
Project overhead 216,000
Riverwood applies overhead to projects at a predetermined rate based on direct labor costs. Assume that Riverwood uses a job order costing system and that Jones Audit is the only job in process at the end of the period. Complete the following cost sheet for services still in process for Jones Audit.
Job Order Cost Sheet
Jones Audit (Services in Process)
Direct labor?
Project overhead?
Total costs
Also I am not sure how to do the steps for this question?
Equivalent Units and Product cost Report-Weighted Average Method
The following data (and annotations) are for Joyner Company's processing department work-in-process account for the month of June 2019:
Beginning inventory (700 units, 40% complete) Direct materials $29,050 Conversion costs 79,420 Current periodDirect materials (5,000 units)350,000 Direct labor 596,000 Manufacturing overhead applied 378,000
Joyner uses the weighted average method. Materials are added at the beginning of the process and conversion costs are incurred evenly throughout. Ending work-in-process is composed of 900 units, 70% complete. Compute the following:
a. Equivalent units for materials and conversion.
b. Cost per equivalent unit for materials and conversion.
c. Total cost assigned to the units transferred out.
Equivalent Units
Where do the units come from?
Where do the units go?
% Work
Done?
Direct
Materials% Work
Done?
Conversion
CostsBeginning Inventory
Complete/Transferred
Answer
Answer
Answer
Answer
Starting inventory
Ending Inventory
Answer
Answer
Answer
Answer
Total
Total
a.Answer
a.
Product Cost Report
Where do the costs come from?Direct
MaterialsConversion
CostsBeginning InventoryAnswer
Answer
Answer
Current
Answer
Answer
Total Costs to Account For
Answer
Answer
÷ Total Equivalent Units
Answer
Average cost / Equivalent unit
b.Answer
b.Where do the costs go?Complete / Transferred:Direct Materials
Conversion costs
Costs of Goods Manufactured
c.Ending Inventory:Direct Materials
Conversion costs
Cost of Ending Inventory
Total Costs Allocated
1)
| Job Order Cost Sheet | ||
| Particular | Amount | |
| Direct labor (37,976 *100/235) | $16,160 | |
| Add: | Project overhead (16,160 * 135%) | $21,816.00 |
| Total cost | $37,976 |
Ending work in process = 160,000 + 216,000 - 338,024 = $37,976
Overhead rate = Projected Overhead / Direct labor cost
= 216,000 / 160,000
= 1.35 or 135%
Note: Cost of job in process at the end consists of direct labor 100% and project overhead 135% .
It will making 235%.
2)
| Equivalent Units | |||||||||||
| Where do the units come from? | Where do the units go? | % Work | Direct | % Work | Conversion | ||||||
| Done? | Materials | Done? | Costs | ||||||||
| Beginning Inventory | 700 | Complete/Transferred [5700 - 900] | 4800 | 100% | 4800 | 100% | 4800 | ||||
| Started | 5000 | Ending Inventory | 900 | 100% | 900 | 70% | 630 | ||||
| Total | 5700 | Total | 5700 | 5700 | a. | 5430 | a. | ||||
| Product Cost Report | |||||||||||
| Where do the costs come from? | Direct | Conversion | |||||||||
| Materials | Costs | ||||||||||
| Beginning Inventory | $108,470 | $29,050 | $79,420 | ||||||||
| Current | $1,324,000 | $350,000 | $974,000 | =596000+378000 | |||||||
| Total Costs to Account For (a) | $1,432,470 | $379,050 | $1,053,420 | ||||||||
| Total Equivalent Units (b) | 5700 | 5430 | |||||||||
| Average cost / Equivalent unit | $66.50 | b. | $194.00 | b. | |||||||
| Where do the costs go? | |||||||||||
| Complete / Transferred: | |||||||||||
| Direct Materials | [4800 * $66.5] | $319,200 | |||||||||
| Conversion costs | [4800 * $194] | $931,200 | |||||||||
| Costs of Goods Manufactured | $1,250,400 | c. | |||||||||
| Ending Inventory: | |||||||||||
| Direct Materials | [900 * $66.5] | $59,850 | |||||||||
| Conversion costs | [630 * $194] | $122,220 | |||||||||
| Cost of Ending Inventory | $182,070 | ||||||||||
| Total Costs Allocated | $1,432,470 | ||||||||||
