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BUS 590 Week 2 Assignment Ashford
Exercise 3-5 Prepare T-Accounts, page 116
Jurvin Enterprises recorded the following transactions for the just completed month. The company had no beginning inventories.
a. $94,000 in raw materials were purchased for cash.
b. $89,000 in raw materials were requisitioned for use in production. Of this amount, $78,000 was for direct materials and the remainder was for indirect materials.
c. Total labor wages of $132,000 were incurred and paid. Of this amount, $112,000 was for direct labor and the remainder was for indirect labor.
d. Additional manufacturing overhead costs of $143,000 were incurred and paid.
e. Manufacturing overhead costs of $152,000 were applied to jobs using the company's predetermined overhead rate.
f. All of the jobs in progress at the end of the month were completed and shipped to customers.
g. Any underapplied or overapplied overhead for the period was closed out to Cost of Goods Sold.
1. Post the above transactions to T-accounts.
2. Determine the cost of goods sold for the period.
Exercise 3-15 Departmental Overhead Rates, page 119
White Company has two departments, Cutting and Finishing. The company uses a job-order costing system and computes a predetermined overhead rate in each department. The Cutting Department bases its rate on machine-hours, and the Finishing Department bases its rate on direct labor-hours. At the beginning of the year, the company made the following estimates:
1. Compute the predetermined overhead rate to be used in each department.
2. Assume that the overhead rates that you computed in (1) above are in effect. The job cost sheet for Job 203, which was started and completed during the year, showed the following:
Problem 4-14 Analysis of Work in Process T-account - Weighted Average Method,...