Reference no: EM132515403
Point 1: Raw materials were requisitioned from the company's inventory on December 2 for $5,112; on December 8 for $1,056; and on December 14 for $3,468. In each instance, two-thirds (2/3) of these materials were for J57 and the rest for K52.
Point 2: Six time tickets were turned in for these two projects for a total amount of 18 hours of work. All the workers were paid $15 per hour. The time tickets were dated December 3, December 9, and December 15. On each of those days, 6 labor hours were spent on these jobs, two-thirds (2/3) for J57 and the rest for K52.
Point 3: The predetermined overhead rate is based on machine hours. The expected machine hour use for the year is 2,128 hours, and the anticipated overhead costs are $842,688 for the year. The machines were used by workers on projects K52 and J57 on December 3, 9, and 15. Six machine hours were used for project K52 (2 each day), and 8.5 machine hours were used for project J57 (2.5 the first day and 3 each of the other days). Both of these special orders were completed on December 15, producing 200 sprinkler heads for J57 and 100 sprinkler heads for K52.
Additional job order activities during this period included:
- Dec.1Purchased raw materials from Bonita Supply Company on account for $53,100.
- Dec.2Issued $40,000 of direct materials from the company's inventory to jobs other than K52 and J57 and $2,900 of indirect materials.
- Dec. 12Paid Waterways' factory salaries and wages for $65,000.Dec.13Paid the factory's water bill of $9,000.
- Dec.18Transferred $50,300 of costs from other completed jobs to finished goods.
- Dec.21Paid the factory's electric bill of $12,000 for Waterways' factory.
- Dec.31Made adjusting entries forth factory that included accrued property taxes of $11,900, prepaid insurance of $8,800, and accumulated depreciation of $15,900.
Question 1: 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
Question 2: Journalize the activities from these job cost sheets in the general journal. Also, journalize the other costs that occurred during this period.
Question 3: Assuming that Manufacturing Overhead has a debit balance of $3,600, determine whether overhead has been under/over applied and make the adjusting entry
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