Description of this paper

Prepare a summary that will show the cost assigned to each job




The Chompy company uses a job order costing system and has the following information for the month of March 2010;Direct labor and direct materials used;Job No. Direct Material Cost Direct Labor Hours;1887 18,000 1,392;1906 11,520 192;1907 4,980 216;1908 4,140 504;1909 7,824 288;1911 3,696 120;1912 10,020 360;Total 60,180 3,072;1. The direct labor wage rate is $10 per hour. (Reflects latest negotiated union labor contract agreement);2. The direct labor benefit factor is $8 per hour. (Include in D/L total costs per accounting manual directive);3. The overhead rate is 250% of direct labor cost;4. Actual overhead costs for the month, $115,960.;5. Jobs completed: Nos. 1887, 1908, and 1909.;6. Jobs completed last week of March: 1899, 1901, 1902, 1904, 1905;7. Jobs 1900 and 1903 were cancelled due to change orders and reinstated as 1911 & 1912;8. The factory had no work in process at the beginning of the month.;Required: Using the templates provided;a. Prepare a summary that will show the cost assigned to each job.;b. Compute the amount of overhead over- or underapplied during the month.;c. Calculate the cost of the work in process at the end of the month.


Paper#20509 | Written in 18-Jul-2015

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