Western state university uses job-cost records for various, Ask an Expert

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Job-Cost Record
Western State University uses job-cost records for various research projects. A major reason for such records is to justify requests for reimbursement of costs on projects sponsored by the federal government.
Consider the following summarized data regarding a cancer research project in the
Medical School:
- January 5 Direct materials, various medical suppl-es, $925
- January 7 Direct materials, various chemicals, $780
- January 5-12 Direct labor, research associates, 120 hours
- January 7-12 Direct labor, research assistants, 180 hours

Research associates receive $32 per hour, while assistants receive $19. The overhead rate is 70% of direct-labor cost.

Sketch a job-cost record. Post all the data to the project-cost record. Compute the total cost of the project though January 12.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9413860

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