job costing and process costing problems

Chapter 7

Job Costing Practice Problems

Lecture 18

Practice Problem 2: Assigning Costs to Jobs

Practice Problem 2: Assigning Costs to Jobs

30,000/30 = 1000 hrs

Practice Problem 2: Assigning Costs to Jobs

Practice Problem 2: Assigning Costs to Jobs

1000 hrs*24

Practice Problem 2: Assigning Costs to Jobs

1000 hrs*24 = 24,000

Actual 24,000

Practice Problem 2: Assigning Costs to Jobs

40,000

2,000

2,000

= 90,000 – (40,000 + 2,000) -16,000 = 32,000

24,000

Practice Problem 3: Predetermined overhead rate

applied

Practice Problem 4: Calculating Over/Underapplied overhead

Practice Problem 5: Applying overhead using Predetermined rate

Practice Problem 6: Job costing in Service Organizations

WIP

315,000

54,000

DL

OH

369,000

Wages Payable

315,000 DL

OH Applied

54,000 OH

Cost of Services Billed

369,000 24,000

OH Control

30,000OH

369,000

54,000 30,000

24,000

30,000

345,000

0

Practice Problem 6: Job costing in Service Organizations

-

100,000 94,000

121,000

180,500

400,100

400,100 402,800

11,500

Practice Problem 8: Assigning Cost – Missing Data

Compute the missing data indicated by the letter (a) through (g)

100,000 94,000

121,000

180,500

400,100

400,100 402,800

11,500

31,600

3,200 Compute the missing data indicated by the letter (h) through (i)

Practice Problem 8: Assigning Cost – Missing Data