Job Order Costing Chapter 17 Exercises.

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Presentation transcript:

Job Order Costing Chapter 17 Exercises

Job Order Costing In-Class Exercise (Form groups and work exercise): Exercise No. Page E17-19 1043 Allocating & adjusting manufacturing overhead

Allocating & Adjusting Manufacturing Overhead Exercise E17-19: Selective cost data for Antique Print Co. are as follows: Estimated manufacturing overhead cost for the year…..$ 115,000 Estimated dir labor cost for the year………………………. 71,875 Actual manufacturing overhead cost for the year………. 119,000 Actual direct labor cost for the year……………………….. 73,000 Requirements: (1) Compute the predetermined overhead rate per direct labor dollar. (2) Prepare the journal entry to allocate overhead cost for the year. (3) Use a T-account to determine the amount of under-allocated or over-allocated manufacturing overhead. (4) Prepare the journal entry to adjust for the under-allocated or over-allocated manufacturing overhead.

Allocating & Adjusting Manufacturing Overhead

Allocating & Adjusting Manufacturing Overhead Estimated overhead cost Estimated dir.labor cost

Allocating & Adjusting Manufacturing Overhead

Allocating & Adjusting Manufacturing Overhead

Allocating & Adjusting Manufacturing Overhead

Allocating & Adjusting Manufacturing Overhead End of Exercise

Preparing Job Order Costing Journal Entries In-Class Exercise (Form groups and work exercise): Exercise No. Page E17-24 1046 Preparing job order costing journal entries (Use the format, as reflected on the next slide, to complete this exercise)

Preparing Job Order Costing Journal Entries General Journal Date Description Debit Credit

Preparing Job Order Costing Journal Entries Exercise E17-24: Journalize the following transactions of Judy’s Sofas: a. Incurred and paid website expenses, $2,900. b. Incurred manufacturing wages of $15,000, 60% of which was direct labor and 40% of which was indirect labor. c. Purchased raw materials on account, $14,000. d. Used in production: direct materials, $9,500 indirect materials, $4,500 e. Recorded manufacturing overhead depreciation on plant, $10,000; plant insurance (previously paid), $1,300; plant property tax, $4,200 (credit Property Tax Payable). f. Allocated manufacturing overhead to jobs, 250% of direct labor costs. g. Completed production on jobs with costs of $38,000. h. Sold inventory on account, $20,000; cost of goods sold, $10,000. i. Adjusted for over-allocation or under-allocation of overhead.

Preparing Job Order Costing Journal Entries

Preparing Job Order Costing Journal Entries

Preparing Job Order Costing Journal Entries Manufacturing Overhead b. 6,000 f. 22,500 d. 4,500 e. 10,000 e. 1,300 e. 4,200 i. 3,500 26,000 26,000

Preparing Job Order Costing Journal Entries End of Exercise

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