MANAGERIAL ACCOUNTING ASSIGNMENT
JOB-ORDER COSTING -
Osbourne Company utilizes a Job-Order Costing Systems. Data for the three (3) jobs that were in process during the month of August of the current year are as follows:
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Job 220
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Job 221
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Job 222
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Balanced-August 1
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$12,640
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$16,920
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$0
|
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Direct Materials
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$8,000
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$10,500
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$24,320
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Direct Labor
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$16,250
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$18,600
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$28,890
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Direct Labor Hours
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800
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600
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1,000
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Manufacturing Overhead is applied to jobs in production at the rate of $12 per Direct Labor Hour. At the end of the month of August of the current year, Job 220 and Job 221 were completed and transferred out to Finished Goods Inventory. Job 218(completed in the month of July of the current year) and Job 220 were sold during the month of August of the current year. Job 222 remained in process at the end of the month of August of the current year. On August 1 of the current year, the balance in Finished Goods Inventory was $56,570 (consisting of Job 218 for $31,760 and Job 219 for $24,810).
Osbourne Company prices its jobs at the job's cost plus forty percent (40%) markup. During the month of August of the current year, Variable Marketing (Selling) Expenses were six percent (6%) of Sales and Fixed Marketing (Selling) Expenses were $6,000 and Administrative Expenses were $8,200.
Required -
1. Prepare Job-Order Cost Sheets for all jobs in process during the month of August of the current year.
2. Compute the balance in Work-In-Process Inventory at the end of the month of August of the current year.
3. Compute the balance in Finished Goods Inventory at the end of the month of August of the current year.
4. Compute Cost of Goods Sold for the month of August of the current year.
5. Compute Net Income (Operating Income) for Osbourne Company for the month of August of the current year.
PROCESS COSTING
Annette Company manufactures a pineapple soda in three (3) departments: Baking, Blending and Packaging. Annette Company uses the Weighted-Average Method for computing Equivalent Units Of Production(EUP). The following are cost and production (in gallons) data for the Baking Department for the month of August of the current year:
Production
Units In Work-In-Process Inventory -August 1 30,000
Units Completed And Transferred Out 60,000
Units In Work-In-Process Inventory -August 31 20,000
(Twenty Percent (20%) Complete)
Costs
Work-In-Process Inventory -August 1 $ 92,800
Costs Added During The Month Of August $377,600
Required - Prepare a Production Report for the Baking Department.
Attachment:- Assignment.rar