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In: Accounting

Cost Flows in a Job Cost System Materials Work in Process-Assembly Dept Work in Process- Test...

Cost Flows in a Job Cost System

Materials Work in Process-Assembly Dept Work in Process- Test & Packaging Dept Finished Goods
Beg Inventory
+ Purchases Direct Materials
End Inventory
Job#1, Job#2
Job#3, Job#4
Beg Inventory Cost of Units
+ Direct Materials transferred out
+ Direct Labor
Job#1,#2,#3,#4
+ Factory Overhead
applied Job#1,#2,#3,#4
End Inventory Job#4
Job#1, Job#2
Job#3
Beg Inventory Cost of Units
+ Cost of units transferred out
transferred in
+ Direct Labor
Job#1,#2,#3
+ Factory Overhead
applied Job#1,#2,#3
End Inventory    Job#2,#3
Job#1
Beg Inventory
+ Cost of units Cost of Goods
transferred in Sold
End Inventory Job#1
                       Factory Overhead
Actual Factory Overhead:
+ utilities expense Factory overhead
+ depreciation of machinery applied
+ supplies

Costs to date by job are shown.

Source: Job Cost Sheets:
Job#1 Job#2 Job#3 Job#4
Direct materials $ 739 $ 622 $ 426 $ 367
Direct labor 99 82 73 119
Overhead 146 146 126 158
$ 984 $ 850 $ 625 $ 644

Use the flow chart to complete the following sentences.

The ending inventory balance in the Work in Process-Assembly Dept is $

The cost of goods transferred into the Work in Process-Test & Packaging Dept is $

The cost of goods transferred out of the Work in Process- Test & Packaging Dept is $

The ending inventory balance in the Work in Process- Test & Packaging Dept is $

Solutions

Expert Solution

The question has been already answered for ease answering again

Finished goods Work inprogress - Testing and packaging Work in process - assembly unit
Job 1 Job 2&3 Job 4
Beg inventory
Units transferred in 3775 3103
Direct materials          2,154.0
Direct labour 254            373.0
Factory overhead applied 418            576.0
Ending inventory 3775 3103
Ending inventory of Work in process - assembly unit 3103
Cost of goods transferred into Work inprogress - Testing and packaging 3103
Cost of goods transferred out of Work inprogress - Testing and packaging 3775
Ending inventory of Work inprogress - Testing and packaging 3775

Reason :there is no details on opening inventory of the respective jobs. The answers will vary if the details of opening inventory is available

ekkarill92 answered 1 year ago
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