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Job Order Cost Accounting 21 Job Order Cost Flow Reporting Job Cost Data Under- or Overapplied Overhead.

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Presentation on theme: "Job Order Cost Accounting 21 Job Order Cost Flow Reporting Job Cost Data Under- or Overapplied Overhead."— Presentation transcript:

1 Job Order Cost Accounting 21 Job Order Cost Flow Reporting Job Cost Data Under- or Overapplied Overhead

2 Direct Materials Beg3,100 Work in Process Beg5,822 Finished Goods Beg1,700 Job 315 Dining Tables (50) Job 315 Dining Tables (50) Materials Maple$5,430 Labor Aug (110 hrs)2,300 Overhead Aug-03770 ------------ Total Cost$8,500 Unit Cost$ 170 10 tables remain in inventory Beginning Inventory Balances

3 Direct Materials Beg3,100 Work in Process Beg5,822 Finished Goods Beg1,700 Job 316 Oak Cabinets (24) Job 316 Oak Cabinets (24) Materials Oak$4,800 Labor Aug (36 hrs)770 Overhead Aug252 Total Cost Unit Cost Accumulated cost of inventory not yet complete Beginning Inventory Balances

4 Direct Materials Beg3,100 23,700 Accounts Payable 23,700 Purchasing Direct Materials

5 Direct Materials Beg3,100 23,700 Work in Process Beg5,822 11,200 Job 317 Credenzas (30) Job 317 Credenzas (30) Materials Mahogany$7,500 Labor Overhead Total Cost Unit Cost Job 318 Coffee Tables (40) Materials Maple$3,700 Labor Overhead Direct Materials Requisition

6 Time Summary Sep-03 Clemens, R. Time Summary Sep-03 Clemens, R. Job 31683 hrs$1,826 Job 31760 hrs1,320 Job 31841 hrs 902 Total$4,048 Time Summary Sep-03 Martinez, P. Time Summary Sep-03 Martinez, P. Job 31649 hrs$ 980 Job 31790 hrs1,800 Job 31839 hrs 780 Total$3,560 Time Summary Sep-03 Wood, K. Time Summary Sep-03 Wood, K. Shop Assistance 138 hrs$1,380 Factory Labor 8,988 Wages Payable 8,988 Recording Direct Labor

7 Time Summary Sep-03 Clemens, R. Time Summary Sep-03 Clemens, R. Job 31683 hrs$1,826 Job 31760 hrs1,320 Job 31841 hrs 902 Total$4,048 Time Summary Sep-03 Martinez, P. Time Summary Sep-03 Martinez, P. Job 31649 hrs$ 980 Job 31790 hrs1,800 Job 31839 hrs 780 Total$3,560 Job 316 Oak Cabinets (24) Materials Oak$4,800 Labor Aug (36 hrs)770 Sep (132 hrs)2,806 Job 317 Credenzas (30) Materials Mahogany$7,500 Labor Sep (150 hrs)3,120 Job 318 Coffee Tables (40) Materials Maple$3,700 Labor Sep (80 hrs)1,682 Recording Direct Labor

8 Factory Labor 8,988 Work in Process Beg5,822 11,200 7,608 Time Summary Sep-03 Clemens, R. Time Summary Sep-03 Clemens, R. Job 31683 hrs$1,826 Job 31760 hrs1,320 Job 31841 hrs 902 Total$4,048 Time Summary Sep-03 Martinez, P. Time Summary Sep-03 Martinez, P. Job 31649 hrs$ 980 Job 31790 hrs1,800 Job 31839 hrs 780 Total$3,560 Recording Direct Labor

9 Factory Labor 7,6088.988 Time Summary Sep-03 Wood, K. Time Summary Sep-03 Wood, K. Shop Assistance 138 hrs$1,380 Factory Overhead 1,380 320 Accounts Payable 320 1,380 Utilities $320 Recording Factory Overhead Incurred

10 Time Summary Sep-03 Wood, K. Time Summary Sep-03 Wood, K. Shop Assistance 138 hrs$1,380 Factory Overhead 1,380 320 212 470 Cash 212 Accum Depreciation 470 Utilities $320 Property Tax $212 Depreciation $470 Recording Factory Overhead Incurred

11 Job 316 Oak Cabinets (24) Materials Oak$4,800 Labor Aug (36 hrs)770 Sep (132 hrs)2,806 Overhead Aug252 Sep924 Job 317 Credenzas (30) Materials Mahogany$7,500 Labor Sep (150 hrs)3,120 Overhead Sep1,050 Job 318 Coffee Tables (40) Materials Maple$3,700 Labor Sep (80 hrs)1,682 Overhead Sep560 Work in Process 2,534 Factory Overhead 2,534 Applying Factory Overhead

12 Work in Process Beg5,822 11,200 7,608 2,534 9,552 Job 316 Oak Cabinets (24) Job 316 Oak Cabinets (24) Materials Oak$4,800 Labor Aug (36 hrs)770 Sep (132 hrs)2,806 Overhead Aug252 Sep 924 Total Cost$9,552 Unit Cost$398 Job 317 Credenzas (30) Job 317 Credenzas (30) Materials Mahogany$7,500 Labor Sep (150 hrs)3,120 Overhead Sep1,050 --------- Total Cost$11,670 Unit Cost$389 Finished Goods Beg1,700 9,552 11,670 Completing a Job

13 Finished Goods Beg1,700 9,552 11,670 Cost of Goods Sold SalesCash 1,530 2,700 13,200 14,500 2,700 13,200 14,500 1,530 9,552 9,725 9 x $170 9,552 9,725 24 x $39825 x $389 Selling Goods

14 Manuf OH 320 212 470 CGSFG F. Labor Dir MaterialsWIP 3,100 11,20023,700 5,8221,700 7,608 1,380 8,988 2,5341,380 9,552 11,670 11,200 7,608 2,534 9,552 11,670 1,530 9,552 9,725 Transaction Summary

15 Predetermined Overhead Rates Estimated overhead costs Estimated operating activity = $7 / DLH $30,100 4,300 DL hours Overhead Rate = = Apply overhead based on actual operating activity. Job 317 : 150 hours X $7 = $1,050.00

16 Ending Inventory Balances WIP 5,822 9,552 11,670 11,200 7,608 2,534 5,942 Job 318 Coffee Tables (40) Materials Maple$3,700 Labor Sep (80 hrs)1,682 Overhead Sep560 WIP balance should match job cost sheet(s).

17 Ending Inventory Balances Job 315 Dining Tables (50) Job 315 Dining Tables (50) Materials Maple$5,430 Labor Aug (110 hrs)2,300 Overhead Aug-03770 _______ Total Cost$8,500 Unit Cost$170 FG 1,700 9,552 11,670 1,530 9,552 9,725 Job 316 Oak Cabinets (24) Job 316 Oak Cabinets (24) Materials Oak$4,800 Labor Aug (36 hrs)770 Sep (132 hrs)2,806 Overhead Aug252 Sep 924 Total Cost$9,552 Unit Cost$398 Job 317 Credenzas (30) Job 317 Credenzas (30) Materials Mahogany$7,500 Labor Sep (150 hrs)3,120 Overhead Sep1,050 --------- Total Cost$11,670 Unit Cost$389 2,115 x 5 x 0 x 1

18 Reporting Job Cost Data WIP 5,822 9,552 11,670 11,200 7,608 2,534 5,942 Cost of Goods Manufactured WIP 9/1/03$5,822 DM$11,200 DL7,608 MOH applied 2,534 Total 21,342 Total cost WIP$27,164 Less: WIP 9/30 5,942 Cost of Goods Manuf$21,222

19 Reporting Job Cost Data FG 1,700 9,552 11,670 1,530 9,552 9,725 2,115 Income Statement (partial) Sales$30,400 Cost of Goods Sold FG 9/1$ 1,700 CGM 21,222 CG Avail $22,922 FG 9/30 2,115 CGS 20,807 Gross Profit$ 9,593

20 Under- or Overapplied MOH Factory Overhead 1,380 320 212 4702,534 Actual overhead Applied overhead 237 Cost of Goods Sold 237 Applied overhead does not always equal actual. At year end, close any remaining balance to CGS.


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