Week 1 Written Assignment - Problems and Exercises Please complete the following exercises using the template below. Chapter 2: Page 75 - Problem 3: Job Order Cost Flow Excel Template Page 76 - Problem 4: Allocation of Overhead Excel Template

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Home>Business & Finance homework help>Accounting homework help>Week 1 Written Assignment - Problems and Exercises Please complete the following exercises using the template below. Chapter 2: Page 75 - Problem 3: Job Order Cost Flow Excel Template Page 76 - Problem 4: Allocation of Overhead Excel Template

Template

P 02-03 Name:
Section:
Enter the appropriate amount or item in the shaded cells. Use the drop-down lists when available.
An asterisk (*) will appear next to an incorrect entry in the outlined cells.
Leave no cell blank. Ensure to enter "0" wherever applicable.
Job Order Cost Flow
1., 3., and 4.
Materials Inventory Work in Process Inventory
Beg. bal. Beg. bal. 1-Jun
2-Jun
3-Jun
4-Jun
End. bal. 5-Jun
6-Jun
7-Jun
End. bal. 8-Jun
9-Jun
Finished Goods Inventory Overhead 10-Jun
Beg. bal. 11-Jun
12-Jun
End. bal. End. bal. 13-Jun
14-Jun
Accounts Receivable Payroll Payable 15-Jun
16-Jun
End. bal. 17-Jun
End. bal. 18-Jun
19-Jun
Sales Cost of Goods Sold 20-Jun
21-Jun
End. bal. End. bal. 22-Jun
23-Jun
24-Jun
Ending Work in Process Inventory: 25-Jun
Job 24-A 26-Jun
Job 24-B 27-Jun
Job 24-C 28-Jun
Job 24-D 29-Jun
Total 30-Jun
2. and 3.
Cost of ending Work in Process Inventory:
Direct Direct
Job No. Materials Labor Overhead Total
24-A Add ending Work in Process Inventory
24-B Beginning balance, Work in Process Inventory
24-C Cost of goods completed and transferred
24-D Cost of goods sold
Less ending Work in Process Inventory
Total costs included in Work in Process Inventory
Costs of units completed:
Add ending Work in Process Inventory
Beginning balance, Work in Process Inventory
Cost of direct materials, direct labor, and overhead added during period
Cost of goods completed and transferred
Cost of goods sold
Less ending Work in Process Inventory
Total costs included in Work in Process Inventory
4.
Job 24-A:
July beginning balance
July costs:
Direct labor
Direct Material
Total cost Indirect labor
Indirect Material
Product unit cost: Overhead (130%)
/ pairs =
Job 24-C:
July beginning balance
July costs:
Total cost
Product unit cost:
/ pairs =
Author: Round your answer to two decimal places.
Author: Round your answer to two decimal places.

Solution

P 16-03_Sol Name: SOLUTION
Section:
Enter the appropriate amount or item in the shaded cells. Use the drop-down lists when available.
An asterisk (*) will appear next to an incorrect entry in the outlined cells.
Leave no cell blank. Ensure to enter "0" wherever applicable.
Job Order Cost Flow
1., 3., and 4.
Materials Inventory Work in Process Inventory
Beg. bal. 21,360 6-Jun 37,240 Beg. bal. 15,112 30-Jun 185,073 1-Jun
4-Jun 33,120 23-Jun 38,960 6-Jun 37,240 2-Jun
16-Jun 28,600 15-Jun 23,680 3-Jun
22-Jun 31,920 15-Jun 30,784 4-Jun
End. bal. 38,800 23-Jun 38,960 5-Jun
29-Jun 25,960 6-Jun
29-Jun 33,748 7-Jun
End. bal. 20,411 8-Jun
9-Jun
Finished Goods Inventory Overhead 10-Jun
Beg. bal. 17,120 6-Jun 183,000 15-Jun 30,784 11-Jun
30-Jun 185,073 29-Jun 33,748 12-Jun
End. bal. 19,193 End. bal. 64,532 13-Jun
14-Jun
Accounts Receivable Payroll Payable 15-Jun
30-Jun 320,000 15-Jun 23,680 16-Jun
End. bal. 320,000 29-Jun 25,960 17-Jun
End. bal. 49,640 18-Jun
19-Jun
Sales Cost of Goods Sold 20-Jun
30-Jun 320,000 30-Jun 183,000 21-Jun
End. bal. 320,000 End. bal. 183,000 22-Jun
23-Jun
24-Jun
Ending Work in Process Inventory: 25-Jun
Job 24-A $ 4,560 26-Jun
Job 24-B 4,666 27-Jun
Job 24-C 6,035 28-Jun
Job 24-D 5,150 29-Jun
Total $ 20,411 30-Jun
2. and 3.
Cost of ending Work in Process Inventory:
Direct Direct
Job No. Materials Labor Overhead Total
24-A $ 1,593 $ 1,290 $ 1,677 $ 4,560 Add ending Work in Process Inventory
24-B 1,492 1,380 1,794 4,666 Beginning balance, Work in Process Inventory
24-C 1,987 1,760 2,288 6,035 Cost of goods completed and transferred
24-D 1,608 1,540 2,002 5,150 Cost of goods sold
$ 6,680 $ 5,970 $ 7,761 $ 20,411 Less ending Work in Process Inventory
Total costs included in Work in Process Inventory
Costs of units completed:
Add ending Work in Process Inventory
Beginning balance, Work in Process Inventory $ 15,112 Beginning balance, Work in Process Inventory
Cost of direct materials, direct labor, and overhead added during period 190,372 Cost of direct materials, direct labor, and overhead added during period
Total costs included in Work in Process Inventory $ 205,484 Cost of goods completed and transferred
Less ending Work in Process Inventory 20,411 Cost of goods sold
Cost of goods completed and transferred $ 185,073 Less ending Work in Process Inventory
Total costs included in Work in Process Inventory
4.
Job 24-A:
July beginning balance $ 4,560
July costs:
Direct labor 960 Direct labor
Overhead (130%) 1,248 Direct Material
Total cost $ 6,768 Indirect labor
Indirect Material
Product unit cost: Overhead (130%)
$ 6,768 / 1,800 pairs = $ 3.76
Author: Round your answer to two decimal places.
Job 24-C:
July beginning balance $ 6,035
July costs:
Direct labor 1,610
Overhead (130%) 2,093
Total cost $ 9,738
Product unit cost:
$ 9,738 / 900 pairs = $ 10.82
Author: Round your answer to two decimal places.

Author: Round your answer to two decimal places.