Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 30 Jul 2017 My Price 9.00

Oceanview Enterprises

Oceanview Enterprises is a print shop that uses job order costing. Overhead is applied to indi- vidual jobs at a predetermined rate based on direct labor costs. The job cost sheet for job no. 21 appears below.

JOB COST SHEET

 

JOB NUMBER:

 

 21

 

DATE STARTED:  Feb. 1

 

PRODUCT:

 

 Income Tax Handbook

 

DATE COMPLETED:  Feb. 6

 

UNITS COMPLETED:

 

 2,500

 

Direct materials used . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 3,200

Direct labor. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

400

Manufacturing overhead applied . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,200

Total cost of job no. 21  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 4,800

Unit cost ($4,800 ÷ 2,500 units) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$  1.92

 

 

 

 

Instructions

Prepare general journal entries to:

a.      Summarize the manufacturing costs charged to job no. 21. (Use one compound entry.)

b.      Record the completion of job no. 21.

c.       Record the credit sale of 2,000 units from job no. 21 at a unit sales price of $4. Record in a separate entry the related cost of goods sold.

 

 

Answers

Maurice Tutor
(5)
Status NEW Posted 30 Jul 2017 01:07 PM My Price 9.00

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