Job costing system question. Please see my question and deadline before contact me!
TheClashCompanyusesjob-ordercosting. Costsarechargedtojobsusingnormalcosting,and overheadisbasedondirectlaborcost Estimateddirectlaborcostfor2014is$60,000,andthe estimatedoverheadcostfor2014is$72,000. ThebeginningbalanceinMaterialsControlwas
$4,500. TheMaterialsControlaccountonlyincludesdirectmaterials. Directmaterials
purchasedduring2014were$40,000. ThebeginningWorkinProcessfor2014includedcost from2jobs,Job111andJob222. TheJob111costinbeginningWorkinProcesswas$3,000, whichincluded$1,000fordirectmaterials,$1,000fordirectlabor,and$1,000forallocated overhead. TheJob222costinbeginningWorkinProcesswas $5,000,whichincluded$1,000 fordirectmaterials,$2,000fordirectlabor,and$2,000ofallocatedoverhead. Duringthe previousyear,allunderallocatedoroverallocatedoverheadhadbeenchargedtotallytoCostof GoodsSold. ThebeginningbalanceinFinishedGoodsfor2014included50unitsfromJob104, withacostof$80perunit. Of the total amount of $80 per unit, $20 per unit was overhead cost. Thedirectcostschargedtojobsduring2014areasfollows:
Unitsonjob 1,000units 100units 400units 500units not applicable
Thecompanyallocates(prorates)anyunderallocatedoroverallocatedoverheadtotheappropriate accountsattheendoftheyear,usingthemosttheoreticallycorrectmethod. Actualoverheadfor
2014was$70,000. Duringtheyear,alljobswerecompletedexceptJob555. At the end of 2014, there were 375 units from Job 444 in Finished Goods. All other units that had been in Finished Goods during 2014 had been sold.
1. Compute the underallocated or overallocated overhead and prorateit to the appropriate accounts inthemosttheoreticallycorrectway. Roundpercentagestothenearestpercent,andround totalamountstothenearestdollar,ifneeded.
2. Ifthecompanyhadusedactualcostingbasedonayear'stimeframe,whatwouldthe actual overheadratehavebeen? Whatwouldhavebeenthetotalbalance (DM + DL + OH) inendingWork inProcessifthecompanyhadusedactualcosting? Nowgobacktonormalcostingand computethecorrectedbalanceofWorkinProcessafteryourcomputationsinnumber1. ArethetwobalancesinWorkinProcess(actualvs. correctednormal)thesame?Shouldthey bethesame?
Please note that you may have been given a lot of information on this quiz that you don’t really need to answer the required questions. You need to be able to figure out what is relevant and what isn’t.
Thisquizis worth 5 points and is due nextMonday,March 2nd, at 4:30 in the afternoon. PLEASE remember that take-home quizzes are open book and open notes, but NOT open neighbor. Do your own work on this quiz.
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