GARRET`S CAR REPAIR SHOP -- Part One - 1ob Order Costing

Facts:
Joe Garret started a car repair business specializing in European cars. Joe uses a job order cost system, which he has designed to suit his requirements.
The Iollowing procedures were established by Joe to help him keep proper records and control the operations in the repair shop:
1. The customer will be attended by the manager (Joe) to discuss the nature oI the repair job.
2. The manager will assign the repair job to an available mechanic on duty.
3. The manager will enter the repair job in a register assigning a sequential job number to each job.
4. The manager will start a job cost sheet by Iilling in the blanks as appropriate.
5. The mechanic will careIully inspect the car and, iI necessary, consult with the manager to diagnose the problem.
6. AIter getting approval Irom the manager, the mechanic will order needed parts Irom the parts department using a multi-copy requisition Iorm.
7. The parts department will send the needed part(s) to the repair shop aIter noting the cost oI the part(s) requisitioned on the requisition Iorm.
8. One copy oI the requisition Iorm will be sent to the manager who will enter the amount charged Ior the part(s) on the job cost sheets in the column designated Ior parts.
9. The second copy oI the requisition will go to the inventory clerk Ior updating oI the parts inventory records.
10. The mechanic will note the time that work started on a job time ticket. When the job is completed, he will note the time oI completion and the total number oI hours on the
11. The ticket will then be given to the manager. For incomplete jobs, one copy oI the time ticket will remain on the windshield oI the car and one is sent to the manager.
12. Upon receipt oI the time ticket, the manager will calculate the cost oI labor at the hourly rate oI: $29Ŧ00
13. Upon receipt oI the time ticket, the manager will calculate the overhead cost as the Iollowing percentage oI labor cost: 0Ŧ63
14. The manager then enters these costs in the Job Cost sheets Ior each separate job.
15. InIormation Irom the materials requisitions and the Time Slip sheets is entered into the appropriate job cost sheet.
16. On September 5, the Iollowing jobs were started: Job #s 187-192. By the end oI the day, Job #s 188 and 192 were completed.
17. For the completed jobs, the customer was charged the Iollowing percentage above the cost oI the job: 0Ŧ33
Price Parts List
BGF 012543 $600
CCT 876904 $683
LLx 120066 $130
llC 337763 $440
PCS 116343 $180
Þ1C 009977 $120
ÞvC 112343 $60
S18 364309 $93
vZx 673099 $731
vCx 239870 $880
Required: Using the provided Materials Requisition Slips, Parts Price List, and Time Slips, complete the Job Cost sheets Ior each Job started on September 5.
For the two completed jobs, please complete each Job Sheet Iully to include the bottom portion summarizing the cost to date and the Gross ProIit and Gross ProIit °.
Req. # 970925-1 Deliver to: Dan Req. # 970925-2
Date: September 5 Charge to: 188 Date: September 5
Stock No. Qty. Unit cost TotaI Cost Stock No. Qty. Unit Cost TotaI cost
XCV 239870 1 VZX 675099 2
PVC 112543 1 PTQ 009977 3
STR 564309 1
Totals Totals
Deliver to: Liz Req. # 970925-3 Deliver to: James Req. # 970925-4
Charge to: 189 Date: September 5 Charge to: 190 Date: September 5
Stock No. Qty. Unit Cost TotaI Cost Stock No. Unit Cost TotaI Cost
FFG557765 3 FFG 557765 2
HOS 116543 1
Totals Totals
Req. # 970925-5 Deliver to: Liz Req. # 970925-6
Charge to: 191 Date: September 5 Charge to: 192 Date: September 5
Stock No. Qty. Unit Cost TotaI Cost Stock No. Qty. Unit Cost TotaI Cost
BGF 012543 1 CCT 876904 2
EEX 120066 1
Totals Totals
Charge to: 187...
GARRET'S CAR REPAIR GARRET'S CAR REPAIR
MATERIALS REQUISITION SLIP MATERIALS REQUISITION SLIP
Deliver to: Dan_____
GARRET'S CAR REPAIR GARRET'S CAR REPAIR
GARRET'S CAR REPAIR GARRET'S CAR REPAIR
MATERIALS REQUISITION SLIP MATERIALS REQUISITION SLIP
MATERIALS REQUISITION SLIP MATERIALS REQUISITION SLIP
Deliver to: James
1lme SheeL uan 1lme SheeL Llz
!ob # Pours !ob # Pours
187 4 188 2
189 2 191 6
192 2
1oLal 8 1oLal
1lme SheeL !ames
!ob # Pours
188 4
190 3
192 1
1oLal
1lme SheeL LxLra
!ob # Pours
1oLal
!ob CosL SheeL !ob # 187
noL lor CusLomer Lyes Þlease
Source (lŦeŦ 1lme Sllp or MaLŦ 8eqŦ) ÞarLs ulrecL Labor Cverhead
Ŵ $ Ŵ $ Ŵ $
Ŵ $ Ŵ $ Ŵ $
Ŵ $ Ŵ $ Ŵ $
Ŵ $ Ŵ $ Ŵ $
Ŵ $ Ŵ $ Ŵ $
CosL of CompleLed (ln Þrocess) !obť
ÞarLs 1oLal Ŵ $
ulrecL Labor 1oLal Ŵ $
Cverhead 1oLal Ŵ $
1oLal CosL Ŵ $
Cross ÞroflLť
CusLomer Charges Ŵ $
CosL Lo compleLe Ŵ $
Cross ÞroflL Ŵ $
Cross ÞroflL Ʒ (as Ʒ of cusLomer charge amounL)
**** nC1L
noL all cells may be appllcableŦ
use of cells wlll be dependenL on
facLs of each [obŦ
!ob CosL SheeL !ob # 188
noL lor CusLomer Lyes Þlease
Source (lŦeŦ 1lme Sllp or MaLŦ 8eqŦ) ÞarLs ulrecL Labor Cverhead
Ŵ $ Ŵ $ Ŵ $
Ŵ $ Ŵ $ Ŵ $
Ŵ $ Ŵ $ Ŵ $
Ŵ $ Ŵ $ Ŵ $
Ŵ $ Ŵ $ Ŵ $
CosL of CompleLed (ln Þrocess) !obť
ÞarLs 1oLal Ŵ $
ulrecL Labor 1oLal Ŵ $
Cverhead 1oLal Ŵ $
1oLal CosL Ŵ $
Cross ÞroflLť
CusLomer Charges Ŵ $
CosL Lo compleLe Ŵ $
Cross ÞroflL Ŵ $
Cross ÞroflL Ʒ (as Ʒ of cusLomer charge amounL)
**** nC1L
noL all cells may be appllcableŦ
use of cells wlll be dependenL on
facLs of each [obŦ
!ob CosL SheeL !ob # 189
noL lor CusLomer Lyes Þlease
Source (lŦeŦ 1lme Sllp or MaLŦ 8eqŦ) ÞarLs ulrecL Labor Cverhead
Ŵ $ Ŵ $ Ŵ $
Ŵ $ Ŵ $ Ŵ $
Ŵ $ Ŵ $ Ŵ $
Ŵ $ Ŵ $ Ŵ $
Ŵ $ Ŵ $ Ŵ $
CosL of CompleLed (ln Þrocess) !obť
ÞarLs 1oLal Ŵ $
ulrecL Labor 1oLal Ŵ $
Cverhead 1oLal Ŵ $
1oLal CosL Ŵ $
Cross ÞroflLť
CusLomer Charges Ŵ $
CosL Lo compleLe Ŵ $
Cross ÞroflL Ŵ $
Cross ÞroflL Ʒ (as Ʒ of cusLomer charge amounL)
**** nC1L
noL all cells may be appllcableŦ
use of cells wlll be dependenL on
facLs of each [obŦ
!ob CosL SheeL !ob # 190
noL lor CusLomer Lyes Þlease
Source (lŦeŦ 1lme Sllp or MaLŦ 8eqŦ) ÞarLs ulrecL Labor Cverhead
Ŵ $ Ŵ $ Ŵ $
Ŵ $ Ŵ $ Ŵ $
Ŵ $ Ŵ $ Ŵ $
Ŵ $ Ŵ $ Ŵ $
Ŵ $ Ŵ $ Ŵ $
CosL of CompleLed (ln Þrocess) !obť
ÞarLs 1oLal Ŵ $
ulrecL Labor 1oLal Ŵ $
Cverhead 1oLal Ŵ $
1oLal CosL Ŵ $
Cross ÞroflLť
CusLomer Charges Ŵ $
CosL Lo compleLe Ŵ $
Cross ÞroflL Ŵ $
Cross ÞroflL Ʒ (as Ʒ of cusLomer charge amounL)
**** nC1L
noL all cells may be appllcableŦ
use of cells wlll be dependenL on
facLs of each [obŦ
!ob CosL SheeL !ob # 191
noL lor CusLomer Lyes Þlease
Source (lŦeŦ 1lme Sllp or MaLŦ 8eqŦ) ÞarLs ulrecL Labor Cverhead
Ŵ $ Ŵ $ Ŵ $
Ŵ $ Ŵ $ Ŵ $
Ŵ $ Ŵ $ Ŵ $
Ŵ $ Ŵ $ Ŵ $
Ŵ $ Ŵ $ Ŵ $
CosL of CompleLed (ln Þrocess) !obť
ÞarLs 1oLal Ŵ $
ulrecL Labor 1oLal Ŵ $
Cverhead 1oLal Ŵ $
1oLal CosL Ŵ $
Cross ÞroflLť
CusLomer Charges Ŵ $
CosL Lo compleLe Ŵ $
Cross ÞroflL Ŵ $
Cross ÞroflL Ʒ (as Ʒ of cusLomer charge amounL)
**** nC1L
noL all cells may be appllcableŦ
use of cells wlll be dependenL on
facLs of each [obŦ
!ob CosL SheeL !ob # 192
noL lor CusLomer Lyes Þlease
Source (lŦeŦ 1lme Sllp or MaLŦ 8eqŦ) ÞarLs ulrecL Labor Cverhead
Ŵ $ Ŵ $ Ŵ $
Ŵ $ Ŵ $ Ŵ $
Ŵ $ Ŵ $ Ŵ $
Ŵ $ Ŵ $ Ŵ $
Ŵ $ Ŵ $ Ŵ $
CosL of CompleLed (ln Þrocess) !obť
ÞarLs 1oLal Ŵ $
ulrecL Labor 1oLal Ŵ $
Cverhead 1oLal Ŵ $
1oLal CosL Ŵ $
Cross ÞroflLť
CusLomer Charges Ŵ $
CosL Lo compleLe Ŵ $
Cross ÞroflL Ŵ $
Cross ÞroflL Ʒ (as Ʒ of cusLomer charge amounL)
**** nC1L
noL all cells may be appllcableŦ
use of cells wlll be dependenL on
facLs of each [obŦ
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A 8
CarreLƌs ÞalnL and 8ody Shop Ŵ ÞarL 1wo Ŵ Þrocess CosLlng
!oe CarreL has had exLenslve experlence ln auLo palnL and body work and has a Lhrlvlng buslnessŦ 8ecause of Lhe quallLy of hls work and hls reasonable raLesţ
Lhere ls a long walLlng llsL of cusLomers all of Lhe LlmeŦ Slnce Lhe Llme requlred for body work and palnLlng exLends Lo several days and because every [ob
lnvolves Lhe same processesţ !oe uses a process cosL sysLem for Lhls segmenL of hls buslnessŦ ln Lhe ÞalnLlng and Þollshlng (ÞƎÞ) ueparLmenLţ denLs are
removedţ Lhe body ls solderedţ and prlmer and palnL ls applledŦ MaLerlals ln ÞƎÞ are added LhroughouL Lhe processŦ ÞƎÞ used Lhe WelghLed Average meLhodŦ
1he followlng lnformaLlon ls avallable for Lhe operaLlons of ÞƎÞ ln CcLober (MƹMaLerlal and CƹConverslon)ť
8eglnnlng Work ln Þrocess (WlÞ) (cars ln ÞƎÞ aL sLarL of monLh) Ŵ 60Ʒ M and 60Ʒ C 130
Cars enLerlng ÞƎÞ Lhls monLh 640
1oLal cars Lo accounL forť 770
number of cars fully processed and exlLlng ÞƎÞ Lhls monLh 380
Lndlng WlÞ (cars sLlll ln ÞƎÞ aL monLh end) 190
Lndlng WlÞ MaLerlal Ʒ 60Ʒ
Lndlng WlÞ Converslon Ʒ 60Ʒ
1oLal cars accounLed for (fully processed plus Lndlng WlÞ) 770
useful daLať
8eglnnlng WlÞ Ŵ ulrecL MaLerlal cosL 3ţ100Ŧ00 $
8eglnnlng WlÞ Ŵ Converslon cosL 3ţ300Ŧ00 $
CurrenL monLh ulrecL MaLerlal cosL 142ţ200Ŧ00 $
CurrenL monLh Converslon cosL 167ţ800Ŧ00 $
8equlredť uslng Lhe nexL Lab (ÞarL28eporL)ţ prepare a cosL of producLlon reporL belng sure Lo compuLe Lhe cosL of compleLed cars and Lhe cosL of Lndlng WlÞ
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A 8 C u
ÞarL 2 Þrocess CosLlng
Ʒ
CuanLlLy Schedule Cars
8eglnnlng WlÞ
Cars enLerlng ÞƎÞ
1oLal unlLs (cars) Lo accounL forť
LqulvalenL
ulrecL MaLerlals
Cars compleLed
Lndlng WlÞť
MaLerlals Ʒ from facLs
Converslon Ʒ from facLs
1oLal unlLs (cars) accounLed forť
CosL Lo accounL forť ulrecL MaLerlal Converslon
CosL of 8eglnnlng WlÞ
CosLs lncurred Lhls perlod
1oLal cosL Lo daLe
LqlvalenL unlLs
WelghLed AvgŦ per LqulvŦ unlL
CosLs accounLed for as followsť
CosL of compleLed carsť
CosL of Lndlng WlÞť
uM
Converslon
CosL accounLed forť
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A 8 C u L l
CarreLƌs ÞalnL and 8ody Shop Ŵ ÞarL 1hree Ŵ CvÞ and lncremenLal Analysls
ÞarL A Ŵ CvÞ Analysls
ÞalnLlng and Þollshlng (ÞƎÞ) ueparLmenL lnformaLlon per car palnLed (varlable Lxpenses)ť
Callons/car $/gallon 1oLal/car
varlable ulrecL MaLerlals (uM) 8 90Ŧ00 $ 720Ŧ00 $
Pours/car $/hour 1oLal/car
varlable ulrecL Labor (uL) 13 30Ŧ00 $ 390Ŧ00 $
uL hours/car $vCP/uL hour 1oLal/car
varlable Cverhead per Pour (vCP) 13 13Ŧ00 $ 193Ŧ00 $
llxed cosL of ÞƎÞ per year 360ţ000Ŧ00 $
AmounL charged cusLomer for palnLlng a car 2ţ400Ŧ00 $
ueLermlne Lhe followlngť
1Ŧ ConLrlbuLlon margln per car palnLed
2Ŧ number of cars needed Lo be palnLed Lo break even each year
3Ŧ uollar amounL of ÞƎÞ sales Lo break even for Lhe year
4Ŧ CompuLe Lhe number of cars needed Lo be palnLed Lo earn a proflL of 93ţ000Ŧ00 $
xx
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A 8
CarreLƌs ÞalnL and 8ody Shop Ŵ ÞarL 1hree Ŵ CvÞ and lncremenLal Analysls
ÞarL 8 Ŵ Speclal Cffer
!oe has recelved an offer from a used car dealershlp Lo palnL Lhe followlng number of cars for Lhem 330
1he normal annual volume of palnLlng cars aL !oeƌs ls approxlmaLely 2030
1he regular cosL of palnLlng a car calculaLed based upon Lhls acLlvlLy level ls 1ţ140Ŧ00 $
1hls cosL ls made up of Lhe followlng amounLsť
ulrecL maLerlals per car 480Ŧ00 $
ulrecL laber per car 330Ŧ00 $
varlable overhead per car 180Ŧ00 $
llxed overhead per car 180Ŧ00 $
!oeƌs regular prlce for a palnL [ob ls 2ţ400Ŧ00 $
Speclal offer prlce from used car loL 930Ŧ00 $
Lven Lhough Lhe offer ls less Lhan Lhe normal chargeţ !oe ls undeclded abouL wheLher he should accepL Lhe order or noLŦ lf Lhe new order ls accepLedţ Lhe normal
buslness wlll noL be affecLed and no addlLlonal flxed cosLs wlll be lncurredŦ
Should !oe accepL Lhe offer?
Þlease show your calculaLlons below whlch wlll supporL your answerŦ
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A 8
CarreLƌs ÞalnL and 8ody Shop Ŵ ÞarL 1hree Ŵ CvÞ and lncremenLal Analysls
ÞarL C Ŵ 8eLaln or replace equlpmenL
ln early !anuaryţ !oe purchased a spray palnLlng booLh ln order Lo comply wlLh LÞA sLandards and pald Lhe followlng amounL 83ţ000Ŧ00 $
1he new spray palnLlng booLh has a useful llfe of Lhls number of years 3
1he new spray palnLlng booLh has a salvage value afLer Lhls number of years of 0
1he new spray palnLlng booLh wlll be depreclaLed uslng Lhe sLralghLŴllne meLhod
Annual operaLlng cosLs for Lhe new spray palnLlng booLh are 73ţ000Ŧ00 $
ShorLly afLer purchaslng Lhe new spray palnLlng booLhţ a salesperson vlslLed wlLh !oe and demonsLraLed a new spray palnLlng booLh wlLh Lhe same baslc
capablllLles as Lhe booLh he had [usL purchasedŦ 1hls booLh has Lhe followlng useful llfe ln years 3
1he new spray palnLlng booLh ls avallable now and wlll have Lhe followlng amounL each year ln operaLlng expenses 63ţ000Ŧ00 $
1he cosL of Lhe spray palnLlng booLh now belng consldered by !oe ls 113ţ000Ŧ00 $
1he salvage value of Lhe spray palnLlng booLh now belng consldered ls 0
lf Lhls newer spray palnLlng booLh ls purchasedţ Lhe currenL spray palnL booLh can be sold for 38ţ000Ŧ00 $
8equlredť uslng lncremenLal analyslsţ deLermlne lf !oe should purchase Lhe new machlneŦ Show your calculaLlons Lo supporL your answerŦ
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A 8 C u
CarreLƌs ÞalnL and 8ody Shop Ŵ ÞarL lour Ŵ Cash 8udgeLlng SepLember and CcLober
lacLs for ÞarL lour Ŵ all parLs (AŴu)ť
varlous daLa SepLember CcLober
Sales revenue from dlfferenL servlces 121ţ000Ŧ00 $ 183ţ000Ŧ00 $
ÞarLs purchases 41ţ230Ŧ00 $ 43ţ300Ŧ00 $
Salarles and wages 43ţ300Ŧ00 $ 48ţ000Ŧ00 $
Cverhead 21ţ000Ŧ00 $ 27ţ730Ŧ00 $
CLher expenses 30ţ730Ŧ00 $ 30ţ000Ŧ00 $
Some cusLomers pay cash aL Lhe Llme of dellvery of Lhe servlceţ whlle oLhers buy on accounL from !oe and pay ln varlous lnLervals
Cash sales monLhly are Lhe followlng percenLage 61Ʒ
Sales on accounL monLhly are Lhe followlng percenLage (bad debLs areţ forLunaLelyţ noL an lssue for !oe) 39Ʒ
CollecLlons of sales on accounL occur as followsť
ln Lhe monLh of sale Lhls percenLage ls collecLed 66Ʒ
ln Lhe monLh followlng Lhe monLh of sale Lhls percenLage ls collecLed 30Ʒ
ln Lhe second monLh followlng Lhe monLh of sale Lhls percenLage ls collecLed 4Ʒ
ÞaymenLs on purchases occur as followsť
ln Lhe monLh Lhe purchase Lakes place Lhls percenLage ls pald ln cash 66Ʒ
ln Lhe monLh afLer Lhe purchase occurredţ Lhls percenLage ls pald ln cash 34Ʒ
1he oLher expenses lnclude Lhe followlng amounL of depreclaLlon on asseLs 7ţ030Ŧ00 $
1he oLher expenses are pald (as approprlaLe) ln full each monLh
Salarles and wages are pald ln cash and ln full each monLh
Cverhead ls pald ln cash and ln full each monLh
CLher daLa lncludes Lhe followlngť
CredlL sales ln !uly 48ţ000Ŧ00 $
CredlL sales ln AugusL 37ţ000Ŧ00 $
Þurchases ln AugusL 39ţ000Ŧ00 $
Cash balance aL Lhe end of AugusL 23ţ300Ŧ00 $
Mlnlmum deslred cash balance 3ţ000Ŧ00 $
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A 8 C u L
CarreLƌs ÞalnL and 8ody Shop Ŵ ÞarL lour Ŵ Cash 8udgeLlng SepLember and CcLober
ÞarL A Ŵ 8equlred Ŵ Þrepare a Schedule of Cash CollecLlons from cusLomers
!uly AugusL SepLember CcLober
CredlL salesť
Cash collecLed on sales (monLh of sale and LhereafLer)ť
1oLal CollecLlons from CusLomers
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A 8 C u
CarreLƌs ÞalnL and 8ody Shop Ŵ ÞarL lour Ŵ Cash 8udgeLlng SepLember and CcLober
ÞarL 8 Ŵ 8equlred Ŵ Þrepare a Schedule of Cash ÞaymenLs for Þurchases
AugusL SepLember CcLober
Þurchases
1oLal Cash ÞaymenLs for Þurchases
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CarreLƌs ÞalnL and 8ody Shop Ŵ ÞarL lour Ŵ Cash 8udgeLlng SepLember and CcLober
ÞarL C Ŵ 8equlred Ŵ Þrepare a Cash 8udgeL for SepLember
8eglnnlng balanceť
Addť
ueducLť
Lndlng balanceť
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CarreLƌs ÞalnL and 8ody Shop Ŵ ÞarL lour Ŵ Cash 8udgeLlng SepLember and CcLober
ÞarL u Ŵ 8equlred Ŵ Þrepare a Cash 8udgeL for CcLober
8eglnnlng balanceť
Addť
ueducLť
Lndlng balanceť

 @ IO I.

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