Job Order Cost Accounting
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Job Order Cost Accounting 21 Job Order Cost Flow Reporting Job Cost Data Under- or Overapplied
description
21. Job Order Cost Accounting. Job Order Cost Flow Reporting Job Cost Data Under- or Overapplied Overhead. Beginning Inventory Balances. Job 315 Dining Tables (50). Beg3,100. Direct Materials. Work in Process. Finished Goods. Materials Maple$5,430 Labor Aug (110 hrs)2,300 - PowerPoint PPT Presentation
Transcript of Job Order Cost Accounting
Job Order CostAccounting 2121
Job Order Cost Flow
Reporting Job Cost
Data
Under- or
Overapplied
Overhead
Direct Materials
Beg 3,100
Work in Process
Beg 5,822
Finished Goods
Beg 1,700
Job 315Dining Tables (50)
Job 315Dining Tables (50)
Materials Maple $5,430Labor Aug (110 hrs) 2,300
Overhead Aug-03 770
------------Total Cost $8,500Unit Cost $ 17010 tables remain
in inventory
Beginning Inventory Balances
Direct Materials
Beg 3,100
Work in Process
Beg 5,822
Finished Goods
Beg 1,700
Job 316Oak Cabinets (24)
Job 316Oak Cabinets (24)
Materials Oak $4,800Labor Aug (36 hrs) 770
Overhead Aug 252
Total CostUnit Cost
Accumulated cost of inventory not yet complete
Beginning Inventory Balances
Direct Materials
Beg 3,100
23,700
Accounts Payable
23,700
Purchasing Direct Materials
Direct Materials
Beg 3,100
23,700
Work in Process
Beg 5,822
11,200
11,200
Job 317Credenzas (30)
Job 317Credenzas (30)
Materials Mahogany $7,500Labor
Overhead
Total CostUnit Cost
Job 318Coffee Tables (40)
Materials Maple $3,700Labor
Overhead
Direct Materials Requisition
Time SummarySep-03 Clemens, R.
Time SummarySep-03 Clemens, R.
Job 316 83 hrs $1,826Job 317 60 hrs 1,320Job 318 41 hrs 902Total $4,048
Time SummarySep-03 Martinez, P.
Time SummarySep-03 Martinez, P.
Job 316 49 hrs $ 980Job 317 90 hrs 1,800Job 318 39 hrs 780Total $3,560
Time SummarySep-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
Time SummarySep-03 Clemens, R.
Time SummarySep-03 Clemens, R.
Job 316 83 hrs $1,826Job 317 60 hrs 1,320Job 318 41 hrs 902Total $4,048
Time SummarySep-03 Martinez, P.
Time SummarySep-03 Martinez, P.
Job 316 49 hrs $ 980Job 317 90 hrs 1,800Job 318 39 hrs 780Total $3,560
Job 316Oak Cabinets (24)
Materials Oak $4,800Labor Aug (36 hrs) 770 Sep (132 hrs) 2,806
Job 317Credenzas (30)
Materials Mahogany $7,500Labor Sep (150 hrs) 3,120
Job 318Coffee Tables (40)
Materials Maple $3,700Labor Sep (80 hrs) 1,682
Recording Direct Labor
Factory Labor
8,988
Work in Process
Beg 5,82211,200
7,608
7,608
Time SummarySep-03 Clemens, R.
Time SummarySep-03 Clemens, R.
Job 316 83 hrs $1,826Job 317 60 hrs 1,320Job 318 41 hrs 902Total $4,048
Time SummarySep-03 Martinez, P.
Time SummarySep-03 Martinez, P.
Job 316 49 hrs $ 980Job 317 90 hrs 1,800Job 318 39 hrs 780Total $3,560
Recording Direct Labor
Factory Labor
7,6088.988
Time SummarySep-03 Wood, K.Time Summary
Sep-03 Wood, K.Shop Assistance
138 hrs $1,380
Factory Overhead
1,380320
Accounts Payable
320
1,380
Utilities $320
Recording Factory Overhead Incurred
Time SummarySep-03 Wood, K.Time Summary
Sep-03 Wood, K.Shop Assistance
138 hrs $1,380
Factory Overhead
1,380320212470
Cash
212
Accum Depreciation
470
Utilities $320
Property Tax $212
Depreciation $470
Recording Factory Overhead Incurred
Job 316Oak Cabinets (24)
Materials Oak $4,800Labor Aug (36 hrs) 770 Sep (132 hrs) 2,806Overhead Aug 252 Sep 924
Job 317Credenzas (30)
Materials Mahogany $7,500Labor Sep (150 hrs) 3,120
Overhead Sep 1,050
Job 318Coffee Tables (40)
Materials Maple $3,700Labor Sep (80 hrs) 1,682
Overhead Sep 560
Work in Process
2,534
Factory Overhead
2,534
Applying Factory Overhead
Work in Process
Beg 5,82211,200
7,6082,534
9,552
Job 316Oak Cabinets (24)
Job 316Oak Cabinets (24)
Materials Oak $4,800Labor Aug (36 hrs) 770 Sep (132 hrs) 2,806Overhead Aug 252 Sep 924Total Cost $9,552Unit Cost $398
Job 317Credenzas (30)
Job 317Credenzas (30)
Materials Mahogany $7,500Labor Sep (150 hrs) 3,120
Overhead Sep 1,050
---------Total Cost $11,670Unit Cost $389
Finished Goods
Beg 1,7009,552
11,670
11,670
Completing a Job
Finished Goods
Beg 1,7009,552
11,670
Cost of Goods Sold
Sales Cash
1,530
2,70013,20014,500
2,70013,20014,500
1,5309,5529,725
9 x $170
9,5529,725
24 x $398
25 x $389
Selling Goods
Manuf OH
320212470
CGSFG
F. Labor
Dir Materials WIP
3,10011,20023,700
5,822 1,700
7,6081,380
8,988
2,5341,380
9,55211,670
11,200
7,608
2,534
9,55211,670
1,530 1,5309,552 9,5529,725 9,725
Transaction Summary
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
Ending Inventory Balances
WIP
5,822
9,55211,670
11,200
7,608
2,534
5,942
Job 318Coffee Tables (40)
Materials Maple $3,700Labor Sep (80 hrs) 1,682
Overhead Sep 560
WIP balance should match job cost sheet(s).
Ending Inventory Balances Job 315Dining Tables (50)
Job 315Dining Tables (50)
Materials Maple $5,430Labor Aug (110 hrs) 2,300 Overhead Aug-03 770
_______Total Cost $8,500Unit Cost $170
FG
1,700
9,55211,670
1,5309,5529,725
Job 316Oak Cabinets (24)
Job 316Oak Cabinets (24)
Materials Oak $4,800Labor Aug (36 hrs) 770 Sep (132 hrs) 2,806Overhead Aug 252 Sep 924Total Cost $9,552Unit Cost $398
Job 317Credenzas (30)
Job 317Credenzas (30)
Materials Mahogany $7,500Labor Sep (150 hrs) 3,120
Overhead Sep 1,050
---------Total Cost $11,670Unit Cost $389
2,115
x 5
x 0
x 1
Reporting Job Cost Data
WIP
5,822
9,55211,670
11,200
7,608
2,534
5,942
Cost of Goods Manufactured
WIP 9/1/03 $5,822DM $11,200DL 7,608MOH applied 2,534 Total 21,342Total cost WIP $27,164Less: WIP 9/30 5,942Cost of Goods Manuf
$21,222
Reporting Job Cost Data
FG
1,700
9,55211,670
1,5309,5529,725
2,115
Income Statement (partial)
Sales$30,400Cost of Goods Sold FG 9/1 $ 1,700 CGM 21,222 CG Avail $22,922 FG 9/30 2,115 CGS 20,807Gross Profit $ 9,593
Under- or Overapplied MOH
Factory Overhead
1,380320212470 2,534
Act
ual overh
ead
Ap
plie
d o
verh
ead
237
Cost of Goods Sold
237
237
Applied overhead does not always equal actual.
At year end, close any remaining
balance to CGS.
