Instructions for Part 2 (Chapter 15) (a) Set up the job cost sheets for Job No.
ID: 2547445 • Letter: I
Question
Instructions for Part 2 (Chapter 15) (a) Set up the job cost sheets for Job No. J57 and Job No. K52. Determine the total cost for each manufacturing special order for these jobs. (Round unit cost to nearest cent.) (b) Journalize the activities from these job cost sheets in the general journal. Also, journalize the other costs that occurred during this period of time. (c) Assuming that Manufacturing Overhead has a credit balance of $3,600, determine whether overhead has been under/over applied and make the adjusting entryExplanation / Answer
(a)
(b)
(c)
As the manufacturing overhead has a credit balance , this means there is a over-application of overhead to the extent of $3,600.
The adjusting entry for overapplied overhead will be
Job Cost Sheet Job No. J57 Date : 12/1/16 Direct Material Direct Labor Overheads Date Amount Date Amount Date Amount Dec.2 3300 Dec.3 62 Dec.3 970 Dec.8 800 Dec.9 62 Dec.9 1164 Dec.14 2200 Dec.15 62 Dec.15 1164 6300 186 3298 Summary: Raw material 6300 Direct labor 186 Overheads 3298 Total Cost 9784 Job Cost Sheet Job No. K52 Date : 12/1/16 Direct Material Direct Labor Overheads Date Amount Date Amount Date Amount Dec.2 1650 Dec.3 31 Dec.3 776 Dec.8 400 Dec.9 31 Dec.9 776 Dec.14 1100 Dec.15 31 Dec.15 776 3150 93 2328 Summary: Raw material 3150 Direct labor 93 Overheads 2328 Total Cost 5571