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  • Cost Exam Review

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    Danielle Cunanan
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    This document contains accounting information for various jobs, including direct materials costs, direct labor costs, overhead costs, and total job costs. It also provides budgeted and actual figures for direct labor hours, overhead hours, and total job costs for different departments. Various production costing examples are shown calculating costs under both FIFO and average methods of process costing.

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    This document contains accounting information for various jobs, including direct materials costs, direct labor costs, overhead costs, and total job costs. It also provides budgeted and actual figures for direct labor hours, overhead hours, and total job costs for different departments. Various production costing examples are shown calculating costs under both FIFO and average methods of process costing.

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    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    5 views12 pages

    Cost Exam Review

    Uploaded by

    Danielle Cunanan
    This document contains accounting information for various jobs, including direct materials costs, direct labor costs, overhead costs, and total job costs. It also provides budgeted and actual figures for direct labor hours, overhead hours, and total job costs for different departments. Various production costing examples are shown calculating costs under both FIFO and average methods of process costing.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 12

    Job B011 Costs

    Direct materials 500.00 25.00 12,500.00


    Direct labor 90.00 18.00 1,620.00
    Machine hours 30,000.00
    OH 180,000.00 6.00
    Applied OH 150.00 6.00 900.00
    Total job cost 15,020.00

    material costs dl cost OH total job costs


    choco chip 500.00 200.00 250.00 950.00
    oatmeal raisin 600.00 250.00 300.00 1,150.00
    peanut butter 350.00 150.00 175.00 675.00
    WIP 1,450.00 600.00 725.00 2,775.00

    estimated OH costs
    estimated DL cost
    POHR

    actual MOH
    applied OH
    under-applied OH
    WIP
    less: DL
    applied OH
    DM used

    DM used
    DL
    applied OH
    total cost

    AR

    COGS

    30,000.00
    55,000.00
    70,000.00
    155,000.00

    420,000.00
    155,000.00
    -40,000.00
    535,000.00
    ated OH costs 600,000.00
    ated DL cost 480,000.00
    1.25

    639,000.00
    500,000 * 1.25 -625,000.00
    -applied OH 14,000.00
    1,880,000.00
    -500,000.00
    -625,000.00
    755,000.00

    16,500.00
    36,000.00
    36,000 * 1.25 45,000.00
    97,500.00

    1,472,000.00
    sales 920k*1.60 1,472,000.00

    920,000.00
    FG 920,000.00

    budgeted DL 200,000.00
    budgeted MOH 250,000.00 1.25 POHR

    job # DM DL OH total costs


    1 145,000.00 35,000.00 43,750.00 223,750.00
    2 320,000.00 65,000.00 81,250.00 466,250.00
    3 55,000.00 80,000.00 100,000.00 235,000.00 WIP
    applied 225,000.00

    Started Completed Sold


    223,750.00 223,750.00 223,750.00
    466,250.00 466,250.00 466,250.00
    235,000.00
    925,000.00 690,000.00 690,000.00

    sold 690,000.00
    profit rate 1.60
    Revenue 1,104,000.00

    actual MOH 233,000.00


    applied MOH 225,000.00
    under-applied 8,000.00

    rm, beg 10,000.00


    110,000.00 purch 125,000.00
    155,000.00 40,000.00 rm, end -30,000.00
    -30,000.00 RMU 105,000.00
    235,000.00
    RM 63,000.00
    DL 50,000.00

    budgeted OH 100,000.00
    budgeted MH 85,000.00
    POHR 1.18

    actural hours 5,000.00


    POHR 1.18
    OH 5,900.00

    Job 17 55,250.00 1.18 65,195.00 OH charged


    Job 19 29,750.00 1.18 35,105.00

    Job 17 34,020.00 DL cost 50,000.00


    Job 19 23,940.00 Job 17 25,000.00
    IM 5,040.00 Job 19 25,000.00
    Indirect labor 5,000.00

    25,000.00
    -5,000.00
    labor cost J19 20,000.00

    DL cost materials OH Total


    Job 17 12,500.00 34,020.00 65,195.00 111,715.00
    Job 19 35,000.00 23,940.00 35,105.00 94,045.00
    1.
    FIFO Average
    WIP, beg -1500
    Transferred 9,000 9,000
    WIP, end
    50% completed 2000 2000
    75% completed 3000 3000
    12,500 14,000

    2.
    Material Conversion WIP
    WIP, beg 3,000 - 60% 1,800 1,200
    Completed 10,000 - 40% 4,000 6,000
    13,000 9,000 Started
    WIP, end 4,000

    3.
    units completed units completed
    started 6500 WIP, beg 6250 -2500
    Transferred 5500 5500 started 25000
    WIP, end 400 200 Transferred 26250 26250
    600 150 WIP, end 3000 1500
    5850 FIFO 1 2000 500
    25750

    units completed units completed


    started 6500 WIP, beg 6250
    Transferred 5500 5500 started 25000
    WIP, end 400 200 Transferred 26250 26250
    600 150 WIP, end 3000 1500
    5850 Ave 1 2000 500
    28250

    4.
    units Material conversion
    WIP, beg 500 -500 -200
    started 2000
    Transferred 2100 2100 2100
    WIP, end 400 400 100
    total 2000 2000 FIFO

    5.
    units materials conversion
    WIP, beg 40000
    started 240000 240000 240000
    WIP, end 25000 15000 15000
    255000 255000 AVE

    6.
    units Material conversion
    WIP, beg 60000 -60000 -36000
    started 150000
    Transferred 110000 110000 110000
    lost units 30000
    WIP, end 70000 70000 35000
    120000 109000 FIFO

    7.
    units completed
    WIP, beg 6000 -1800
    started 13000
    loss units 500
    transferred 14000 14000
    WIP, end 3000 1500
    FIFO 2 1500 1125
    14825 FIFO 3

    units completed
    WIP, beg 6000
    started 13000
    loss units 500
    transferred 14000 14000
    AVE 2 WIP, end 3000 1500
    1500 1125
    16625 AVE 3
    7
    budgeted actual
    DL 600,000 650,000
    FOH 720,000 760,000
    1.20 1.17

    650k*1.20 780,000
    -760,000
    20,000 OVERAPPLIED

    10
    OH 255,000
    DL 100,000 2.55

    Dept. A Actual
    DL 265,500
    OH 105,000

    267,750
    -265,500
    2,250 OVERAPPLIED

    11

    WIP, beg 12,000


    DM 40,000
    DL 30,000 9,000
    FOH 27,000 -2,500 DL
    FG -100,000 -2250 FOH 90% of DL
    9,000 4,250 DM

    14
    beg end
    DM 75 85
    WIP, beg 80 30
    FG 90 110

    dm, beg 75
    purch 336
    dm, end -85
    Mat used 326

    15
    beg end
    DM 75 85
    WIP, beg 80 30
    FG 90 110

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