Question

The following information is from the materials requisitions and time tickets for Job 9-1005 completed by Great Bay Boats. The requisitions are identified by code numbers starting with the letter Q, and the time tickets start with W. At the start of the year. management estimated that overhead cost would equal 110% of direct labor cost for each job. Date 7/ 1 7/1 7/5 7/ 5 7/10 Document Amount Q -4698 $1,750 W-3393 1,100 Q-4725 1,500 W -3479 950 W-3559 880 Determine the total cost on the job cost sheet for Job 9-1005. JOB COST SHEET: Job 9-1005 Direct Materials Direct Labor Requisition No. Amount Time-Ticket No. Amount Total Cost Overhead Costs Applied Date 07/01 07/05 07/10 Q-4698 W-3393

Answer 1

1. Job Cost Sheet Job -9-1005

	Direct Material	Direct Labor	Overhead	Total Cost
Date	Requisition No	Amount	Time Ticket No	Amount	Cost Applied
07/01	Q4698	$1,750	W.3393	$1,100	$1,210
07/05	Q4725	$1,500	W.3479	$950	$1,045
07/10			W.3559	$800	$880
		$3,250		$2,850	$3,135	$9,235

2. General Journal

So.No	Account Title and Explanation	Debit	Credit
1.	Raw Materials Inventory	$77,400
	Accounts Payable		$77,400
2	Work In Process Inventory	$50,800
	Raw Materials Inventory		$50,800
3	Work In Process Inventory	$21,650
	Factory Payroll Payable		$21,650
4	Work In Process Inventory	$28,145
	Factory Overheads		$28,145

3. A) Overhead Rate

Choose Numerator	/	Choose Denominator	=	Overhead Rate
Estimated Overhead Cost	/	Estimated Labor Cost	=	Overhead Rate
$708,000	/	$590,000	=	120%

B. Job Cost Sheet

	Direct Material	Direct Labor	Overhead Cost	Total Cost
Date	Requsition No	Amount	Time Ticket No	Amount
Mar.8	4-129	$4,000	T-306	$620	$744
Mar.11	4-142	$7,150	T-432	$1,330	$1,596
Mar.18	4-167	$3,350	T-456	$1,310	$1,572
		$14,500		$3,260	$3,912	$21,672

Explanation;

Direct Material $14,500

Direct Labor $3,260

Overhead ($3260 × 120%) $3,912

Total Cost of Job No 13-56 : = $21,672