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Job Order Cost Sheet

Remnant Carpet Company sells and installs commercial carpeting for office buildings. Remnant Carpet Company uses a job order cost system. When a prospective customer asks for a price quote on a job, the estimated cost data are inserted on an unnumbered job cost sheet. If the offer is accepted, a number is assigned to the job and the costs incurred are recorded in the usual manner on the job cost sheet. After the job is completed, reasons for the variances between the estimated and actual costs are noted on the sheet. The data are then available to management in evaluating the efficiency of operations and in preparing quotes on future jobs. On October 1, Remnant Carpet Company gave Jackson Consulting an estimate of $ $2,444 to carpet the consulting firm’s newly leased office. The estimate was based on the following data:

On October 3, Jackson Consulting signed a purchase contract, and the delivery and installation was completed on October 10.

The related materials requisitions and time tickets are summarized as follows:

Required:

Enter amounts as positive numbers.

1. Complete that portion of the job order cost sheet that would be prepared when the estimate is given to the customer.

2. Record the costs incurred, and complete the job order cost sheet.

What is the best explanation for the variances between actual costs and estimated costs. (For this purpose, assume that 4 square feet of materials were spoiled, the factory overhead rate has been proved to be satisfactory, and an inexperienced employee performed the work.)

The direct materials cost exceeded the estimate by $132 because 4 square feet of materials were spoiled. The direct labor cost exceeded the estimate by $80 because an additional 4 hours of labor were used by an inexperienced employee. The factory overhead cost exceeded the estimate because an additional $60 of factory overhead was allocated because of the increase in direct labor.

Management didn't provide enough direction to complete tasks on budget.

The direct materials cost exceeded the estimate by $99 because 3 square feet of materials were spoiled.

The direct labor cost exceeded the estimate by $240 because an additional 4 hours of labor were used by an inexperienced employee.

Select the correct answer from the above choices.

Old Country Links, Inc., produces sausages in three production departments—Mixing, Casing and Curing, and Packaging. In the Mixing Department, meats are prepared and ground and then mixed with spices. The spiced meat mixture is then transferred to the Casing and Curing Department, where the mixture is force-fed into casings and then hung and cured in climate-controlled smoking chambers. In the Packaging Department, the cured sausages are sorted, packed, and labeled. The company uses the weighted-average method in its process costing system. Data for September for the Casing and Curing Department follow:

       Percent Completed
    Units   Mixing   Materials   Conversion
Work in process inventory, September 1   4   100   %   60   %   50   %
Work in process inventory, September 30   4   100   %   20   %   10   %

    Mixing   Materials   Conversion
Work in process inventory, September 1   $   9,456   $   108   $   1,828
Cost added during September   $   229,154   $   23,766   $   143,449

Mixing cost represents the costs of the spiced meat mixture transferred in from the Mixing Department. The spiced meat mixture is processed in the Casing and Curing Department in batches; each unit in the above table is a batch and one batch of spiced meat mixture produces a set amount of sausages that are passed on to the Packaging Department. During September, 103 batches (i.e., units) were completed and transferred to the Packaging Department.

Required:
1. Determine the Casing and Curing Department's equivalent units of production for mixing, materials, and conversion for the month of September.
2. Compute the Casing and Curing Department's cost per equivalent unit for mixing, materials, and conversion for the month of September.
3. Compute the Casing and Curing Department's cost of ending work in process inventory for mixing, materials, conversion, and in total for September.
4. Compute the Casing and Curing Department's cost of units transferred out to the Packaging Department for mixing, materials, conversion, and in total for September.
5. Prepare a cost reconciliation report for the Casing and Curing Department for September.
Complete this question by entering your answers in the tabs below.

Complete this question by entering your answers in the tabs below.

1. Determine the Casing and Curing Department's equivalent units of production for mixing, materials, and conversion for the month of September. (Round your intermediate calculations and final answers to 1 decimal place.)

2. Compute the Casing and Curing Department's cost per equivalent unit for mixing, materials, and conversion for the month of September. (Round your intermediate calculations to 1 decimal place and your final answers to the nearest whole dollar amount.)

3. Compute the Casing and Curing Department's cost of ending work in process inventory for mixing, materials, conversion, and in total for September. (Round your intermediate calculations to 1 decimal place and your final answers to the nearest whole dollar amount.)

4. Compute the Casing and Curing Department's cost of units transferred out to the Packaging Department for mixing, materials, conversion, and in total for September. (Round your intermediate calculations to 1 decimal place and your final answers to the nearest whole dollar amount.)

5. Prepare a cost reconciliation report for the Casing and Curing Department for September. (Round your intermediate calculations to 1 decimal place and your final answers to the nearest whole dollar amount.)

Job Order Cost Sheet

Remnant Carpet Company sells and installs commercial carpeting for office buildings. Remnant Carpet Company uses a job order cost system. When a prospective customer asks for a price quote on a job, the estimated cost data are inserted on an unnumbered job cost sheet. If the offer is accepted, a number is assigned to the job, and the costs incurred are recorded in the usual manner on the job cost sheet. After the job is completed, reasons for the variances between the estimated and actual costs are noted on the sheet. The data are then available to management in evaluating the efficiency of operations and in preparing quotes on future jobs. On October 1, Remnant Carpet Company gave Jackson Consulting an estimate of $2,613 to carpet the consulting firm’s newly leased office. The estimate was based on the following data:

On October 3, Jackson Consulting signed a purchase contract, and the delivery and installation was completed on October 10.

The related materials requisitions and time tickets are summarized as follows:

Required:

Enter amounts as positive numbers.

1. Complete that portion of the job order cost sheet that would be prepared when the estimate is given to the customer.

2. Record the costs incurred and complete the job order cost sheet.

What is the best explanation for the variances between actual costs and estimated costs? (For this purpose, assume that the additional square feet of material used in the job were spoiled, the factory overhead rate has been proved to be satisfactory, and an inexperienced employee performed the work.)

1. The direct materials cost exceeded the estimate by $128 because 4 square feet of materials were spoiled. The direct labor cost exceeded the estimate by $120 because an additional 4 hours of labor were used by an inexperienced employee. The factory overhead cost exceeded the estimate because an additional $90 of factory overhead was allocated because of the increase in direct labor.
2. Management didn't provide enough direction to complete tasks on budget.
3. The direct materials cost exceeded the estimate by $96 because 3 square feet of materials were spoiled.
4. The direct labor cost exceeded the estimate by $360 because an additional 4 hours of labor were used by an inexperienced employee.

Select the correct answer from the above choices.

Sheldon Cooper operates Daddy’s Nursery which provides baby-sitting services for children between 2 to 5 years old. Working mothers leave their children at 8:00 am and pick them up after office hours.

Sheldon converted his house into a nursery home where children are provided with sleeping areas, play pen and study areas, as well as meals, milk, and snacks. Nursery fee is computed by adding a mark up to the total cost of service provided to each child.

At present, Sheldon uses the traditional costing system in computing the cost of service per child, where the total cost is divided by the number of children served.

During the previous month, the nursery served100 children, for which the company incurred P50,000 total cost of service. Sheldon observed, however, that it is not right to just divide the total cost by the number of children because incurrence of some costs may vary depending on some factors. For example, children between 2 to 3 years old need more attention and are provided more services that those above 3 years old.

Considering this, Sheldon, plans to apply ABC system in determining the cost of service per child. He conducted a study of the previous month’s operations, and the following results came out:

1. If the traditional costing system were used and nursery fee was computed at 300% of the cost of service per child, Daddy’s Nursery could have charged each child a fee of _________.
2. If the ABC system were used, nursery fee per child should have been _________.

Sam's Shoes has problems with its best-selling shoe—the FastShoe. Sam, the owner, tells you that he always seems to have too many or too few of the FastShoe. He has hired you to help determine how much and when to order. At the same time, the company is considering quotes from 2 different suppliers, and you will help compare suppliers. You estimated the following information from the detailed records that Sam kept on the shoe. You calculated the standard deviation of daily demand to be able to estimate the variation of demand during lead time—useful for calculating the amount of extra shoes to have on hand to minimize stockouts that plagued Sam. Sam wanted to have the FastShoe available no less than 95% of the time.

ote, do the interim calculations first and then use this supporting data in the total cost calculations. For instance, use number of orders (rounded) to calculate order cost. Round all answers to the nearest whole number.

Joe's Electronics has problems with its best-selling TV—the 3DView. Joe, the owner, tells you that he always seems to have too many or too few of the 3DView. He has hired you to help determine how much and when to order. At the same time, the company is considering quotes from 2 different suppliers, and you will help compare suppliers. You estimated the following information from the detailed records that Joe kept on the TV. You calculated the standard deviation of daily demand to be able to estimate the variation of demand during lead time—useful for calculating the amount of extra TVs to have on hand to minimize stockouts that plagued Joe. Joe wanted to have the 3DView available no less than 95% of the time.

Note, do the interim calculations first and then use this supporting data in the total cost calculations. For instance, use number of orders (rounded) to calculate order cost. Round all answers to the nearest whole number.

Determining Cost Relationships

Midstate Containers Inc. manufactures cans for the canned food industry. The operations manager of a can manufacturing operation wants to conduct a cost study investigating the relationship of tin content in the material (can stock) to the energy cost for enameling the cans. The enameling was necessary to prepare the cans for labeling. A higher percentage of tin content in the stock increases the cost of material. The operations manager believed that a higher tin content in the can stock would reduce the amount of energy used in enameling. During the analysis period, the amount of tin content in the stell can stock was increased for every month, from April to September. The following operating reports were available from the controller:

Differences in materials unit costs were entirely related to the amount of tin content. In addition, inventory changes are negligible and are ignored in the analysis.

A) Calculate the Total cost per unit for each month. Round your answers to the nearest cent

B) Interpret your results

The calculations reveal that the tin content and energy costs are _________ related. That is, as the materials cost increased due to higher tin content, the energy costs ________ by more. Thus, the recommendation should be to __________ raw can stock with the tin content at the $0.33-per-unit level (September level). This is the material that __________ the total production cost for this set of data. Additional data could be used to determine the optimal tin content or the point where energy cost savings fail to overcome additional material costs.

“Don’t tell me we’ve lost another bid!” exclaimed Janice Hudson, president of Prime Products Inc. “I’m afraid so,” replied Doug Martin, the operations vice president. “One of our competitors underbid us by about $11,000 on the Hastings job.” “I just can’t figure it out,” said Hudson. “It seems we’re either too high to get the job or too low to make any money on half the jobs we bid. What’s happened?”

Prime Products manufactures specialized goods to customers’ specifications and operates a job-order costing system. Manufacturing overhead cost is applied to jobs on the basis of direct labour cost. The following estimates were made at the beginning of the year:

Jobs require varying amounts of work in the three departments. The Hastings job, for example, would have required manufacturing costs in the three departments as follows:

The company uses a plantwide overhead rate to apply manufacturing overhead cost to jobs.

4. Assume that it is customary in the industry to bid jobs at 150% of total manufacturing cost (direct materials, direct labour, and applied overhead).

a. What was the company’s bid price on the Hastings job?

Company's bid price:

b. What would the bid price have been if departmental overhead rates had been used to apply overhead cost?

Company's bid price:

5. At the end of the year, the company assembled the following actual cost data relating to all jobs worked on during the year:

a. Compute the underapplied or overapplied overhead for the year, assuming that a plantwide overhead rate is used.

b. Compute the underapplied or overapplied overhead for the year, assuming that departmental overhead rates are used. (Enter all overapplied values as negative numbers.)

Cutting Overapplied overhead cost or Underapplied overhead cost Rate %

Machining Overapplied overhead cost or Underapplied overhead cost Rate %

Assembly Overapplied overhead cost or Underapplied overhead cost Rate %

Total Plant   Overapplied overhead cost or Underapplied overhead cost Rate %

Ragus Sugars Ltd (RSL) makes a unique syrup using cane sugar and local herbs. The syrup is sold in small bottles and is prized as a flavouring for drinks and for use in desserts. The bottles are sold for £12 each. The first stage in the production process is carried out in the Mixing department, which removes foreign matter from the raw materials and mixes them in the proper proportions in large vats. The company uses the weighted-average method in its process costing system.

Information on work in the Mixing Department for the month of April is shown below:

RSL has just been acquired by another company, and the management of the acquiring company would like some additional information about the operations of RSL, particularly with reference to the information on the work done in April. As such, the management of the acquiring company is seeking answers in relation to the following questions.

Required:

(a) What were the equivalent units for the month of April?                                                                           

(b) What were the costs per equivalent unit for the month of April? The beginning inventory consisted of the following costs: materials, £67,800; and conversion cost, £30,200. The costs added during the month consisted of: materials, £579,000; and conversion cost, £248,000.     

(c) How many of the units transferred to the next department were started and completed during the month of April?

(d) The manager of the Mixing Department, anxious to make a good impression on the new owners, stated, ‘Materials prices jumped from about £2.50 per unit in March to £3.00 per unit in April, but due to good cost control I was able to hold our materials cost to less than £3.00 per unit for the month’. Should this manager be rewarded for good cost control? Explain.

(e) Define what a quantity schedule is and explain its purpose in manufacturing companies like RSL?

Various cost and sales data for Medco Inc. are given for the just-completed year:

1) Assume that the company expects to produce 24,000 units of product during the coming year. What average cost per unit and what total cost would you expect the company to incur for direct materials at this level of activity? For factory depreciation? (In preparing your answer, assume that direct materials is a variable cost and that depreciation is a fixed cost; also assume that depreciation is computed on a straight-line basis.)

2) Assuming the information given in the problem relates to the production of 30,000 fully and partially finished units during the year and that 6,000 of those units remain unsold, determine the cost components of the finished goods inventory.