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Survey of Accounting (Accounting I)

8th Edition
Carl Warren
ISBN: 9781305961883

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Survey of Accounting (Accounting I)

8th Edition
Carl Warren
ISBN: 9781305961883
Textbook Problem

Schedules for unfinished jobs and completed jobs
Waddell Equipment Company uses a job order cost system. The following data summarize the operations related to production for April 20V t. the first month of operations:
a.Materials purchased on account, $36,000.
b.Materials requisitioned and factory labor used:


c. Factory overhead costs incurred on account, $6,000.
d.Depreciation of machinery and equipment, $1,550.
e.The factory overhead rate is $40 per machine hour. Machine hours used:


f. Jobs completed: 401, 402, 403, and 405.
g.Jobs were shipped and customers were billed as follows: Job 401 $22,750, Job 402 $16,600, Job 403 $8,400.
Instructions

Prepare a schedule of completed jobs on hand as of April 30, 20Y4. What account does this schedule support?

To determine

Concept Introduction:

Job order costing:

Job order costing is applied to the businesses which manufactured the product or provide the services according to the client's order. As its names suggest, Job order costing is costing done for a particular job.

To Prepare:

The schedule of completed jobs on hand at the end

Explanation

The schedule of completed jobs on hand at the end is prepared as follows:

    JobDirect Materials Direct Labor Machine hours Overhead rate Factory Overhead

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