20 Mar Problem P2-3 Job-Order Costing: Inventory Accounts
Problem P2-3 Job-Order Costing: Inventory Accounts and Cost of Goods SoldSmith Die Company manufactures cutting dies for the shoe industry. Each set of dies is custom designed to a customer’s templates. During the first week of May, six orders were received from customers. They were assigned job numbers 1005-1010. The following transactions occurred during the first week of May.Received shipment of steel from Eastern City Steel costing$5,000Received and paid for supplies (indirect materials) from Mallard Supply costing$2,300Material requisitions indicated that materials were issued to the factory floor as follows:Job Number:Direct Materials:Indirect Materials:1005$600100680010071,500100860010094001010300Totals$4,200$800The labor time ticket summary reflected the following costs for the week:Job Number:Direct Labor:Indirect Labor:1005$1,50010061,90010073,20010081,30010098001010600Totals$9,300$6,400Overhead was applied to all jobs in process at180%of direct labor cost. Jobs 1005, 1006, 1007, and1008 were completed and transferred to finished goods. Jobs 1009 and 1010 were still in process at the end of the week.Jobs 1005, 1006, 1007 and 1008 were shipped to customers and billed at150%of total job cost.Required:Part a. Calculate the total cost of each job.Cost of Jobs:100510061007100810091010MaterialAmountAmountAmountAmountAmountAmountLaborAmountAmountAmountAmountAmountAmountOverheadAmountAmountAmountAmountAmountAmountTotalFormulaFormulaFormulaFormulaFormulaFormulaPart b. Prepare journal entries to record the above information.Account TitleAmountAccount TitleAmountText lineAccount TitleAmountAccount TitleAmountText lineAccount TitleAmountAccount TitleAmountAccount TitleAmountText LineAccount TitleAmountAccount TitleAmountAccount TitleAmountText LineAccount TitleAmountAccount TitleAmountText lineAccount TitleAmountAccount TitleAmountText lineAccount TitleAmountAccount TitleAmountAccount TitleAmountAccount TitleAmountText line
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