A job cost sheet of Coronado Company is given below. Job Cost Sheet JOB NO. 469 Quantity 2,500 ITEM White Lion Cages Date Requested 7/2 FOR Todd Company Date Completed 7/31 Date Direct Materials Direct Labor Manufacturing Overhead 7/10 $ 700 12 900 15 $ 400 $ 500 22 300 375 24 1,600 27 1,500 31 500 625 Cost of completed job: Direct materials Direct labor Manufacturing overhead Total cost Unit cost Answer the following questions. (a) What are the source documents for direct materials, direct labor, and manufacturing overhead costs assigned to this job? Source Documents Direct materials select the source documentsselect the source documents Direct labor select the source documentsselect the source documents Manufacturing overhead select the source documentsselect the source documents (b) What is the predetermined manufacturing overhead rate? (Round answer to 0 decimal places, e.g 135.) Predetermined manufacturing overhead rate enter percentages for the Predetermined manufacturing overhead rateenter percentages for the Predetermined manufacturing overhead rate % (c) What are the total cost and the unit cost of the completed job? (Round unit cost to 2 decimal places, e.g. 1.25.) Total cost of the completed job $ enter a dollar amountenter a dollar amount Unit cost of the completed job $ enter a dollar amount rounded to 2 decimal placesenter a dollar amount rounded to 2 decimal places
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
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Job Cost Sheet
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|---|---|---|---|---|---|---|
| JOB NO. | 469 | Quantity | 2,500 | |||
| ITEM | White Lion Cages | Date Requested | 7/2 | |||
| FOR | Todd Company | Date Completed | 7/31 | |||
|
Date |
Direct
Materials |
Direct
Labor |
Manufacturing
|
|||
| 7/10 | $ 700 | |||||
| 12 | 900 | |||||
| 15 | $ 400 | $ 500 | ||||
| 22 | 300 | 375 | ||||
| 24 | 1,600 | |||||
| 27 | 1,500 | |||||
| 31 | 500 | 625 |
| Cost of completed job: | ||
| Direct materials | ||
| Direct labor | ||
| Manufacturing overhead | ||
| Total cost | ||
| Unit cost |
Answer the following questions.
(a) What are the source documents for direct materials, direct labor, and
| Source Documents | ||
|---|---|---|
| Direct materials | select the source documentsselect the source documents | |
| Direct labor | select the source documentsselect the source documents | |
| Manufacturing overhead | select the source documentsselect the source documents |
(b) What is the predetermined manufacturing overhead rate? (Round answer to 0 decimal places, e.g 135.)
| Predetermined manufacturing overhead rate | enter percentages for the Predetermined manufacturing overhead rateenter percentages for the Predetermined manufacturing overhead rate | % |
(c) What are the total cost and the unit cost of the completed job? (Round unit cost to 2 decimal places, e.g. 1.25.)
| Total cost of the completed job | $ enter a dollar amountenter a dollar amount | |
|---|---|---|
| Unit cost of the completed job | $ enter a dollar amount rounded to 2 decimal placesenter a dollar amount rounded to 2 decimal places |
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