On December 10, POGP Company receives an order for 200 sweater vests and assigns Job 83 to the order. Review the Materials Requisition table to add the materials to che Job Cost Sheet for Job 83. On December 15, review the Time Ticket tables to add the appropriate amount of direct labor and factory overhead costs to the Job Cost Sheet for Job 62 for the period December 1 through December 15. On December 31, the last work day of the year for the knitters, review Time Ticket tables to add the appropriate amount of direct labor and factory overhead costs to the lob Cost Sheet for Job 83 for the period December 16 through December 31. f there is no amount or an amount is zero, enter "0". If required, round your answers to the nearest cent. Job 62 100 units: Sweaters Direct Materials Direct Labor Factory Overhead Total Balance Dec. 1 $5,000 $300 $104 $5,404 Dec. 15 Total Cost $ $ Unit Cost Job 83 200 units: Sweater vests Direct Materials Direct Labor Factory Overhead Total Job Cost Balance Dec. 1 $0 $0 $0 $0 Dec. 10 Dec. 31 Total Cost
On December 10, POGP Company receives an order for 200 sweater vests and assigns Job 83 to the order. Review the Materials Requisition table to add the materials to che Job Cost Sheet for Job 83. On December 15, review the Time Ticket tables to add the appropriate amount of direct labor and factory overhead costs to the Job Cost Sheet for Job 62 for the period December 1 through December 15. On December 31, the last work day of the year for the knitters, review Time Ticket tables to add the appropriate amount of direct labor and factory overhead costs to the lob Cost Sheet for Job 83 for the period December 16 through December 31. f there is no amount or an amount is zero, enter "0". If required, round your answers to the nearest cent. Job 62 100 units: Sweaters Direct Materials Direct Labor Factory Overhead Total Balance Dec. 1 $5,000 $300 $104 $5,404 Dec. 15 Total Cost $ $ Unit Cost Job 83 200 units: Sweater vests Direct Materials Direct Labor Factory Overhead Total Job Cost Balance Dec. 1 $0 $0 $0 $0 Dec. 10 Dec. 31 Total Cost
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Concept explainers
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
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Question
Transcribed Image Text:Job Cost Sheets
On December 10, POGP Company receives an order for 200 sweater vests and assigns Job 83 to the order. Review the Materials Requisition table to add the materials to
the Job Cost Sheet for Job 83.
On December 15, review the Time Ticket tables to add the appropriate amount of direct labor and factory overhead costs to the Job Cost Sheet for Job 62 for the period
December 1 through December 15.
On December 31, the last work day of the year for the knitters, review Time Ticket tables to add the appropriate amount of direct labor and factory overhead costs to the
Job Cost Sheet for Job 83 for the period December 16 through December 31.
If there is no amount or an amount is zero, enter "0". If required, round your answers to the nearest cent.
Job 62
100 units:
Sweaters
Direct Materials
Direct Labor
Factory Overhead
Total
Balance Dec. 1
$5,000
$300
$104
$5,404
Dec. 15
Total Cost
2$
Unit Cost
$
Job 83
200 units:
Sweater vests
Direct Materials
Direct Labor
Factory Overhead
Total Job Cost
Balance Dec. 1
$0
$0
$0
$0
Dec. 10
Dec. 31
Total Cost
Transcribed Image Text:Nov. 30 Trial Balance
POGP Company
Trial Balance
November 30, 20Y8
Account Title
Debit
Credit
Cash
20,000
Accounts Receivable
1,000
Supplies
200
Materials
5,000
Work in Process
5,404
Equipment
12,000
Accumulated Depreciation-Equipment
825
Accounts Payable
150
Common Stock
10,000
Retained Earnings
12,000
Dividends
18,096
Sales
307,500
Cost of Goods Sold
255,040
Factory Overhead
15
Wages Expense
13,750
330,490 330,490
Predetermined Factory Overhead Rate
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