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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

Management

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

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