Answer:
please find the answer below
Explanation:
The University of Chicago
a job costing system involves the process of accumulating information about the costs associated with a specific production or service job service. This information may be required in order to submit the cost information to a customer under a contract where costs are reimbursed.
This involves the accumulation of the costs of materials, labor, and overheads for a specific job.
How to calculate job costing:
Total job cost= direct materials + direct labor + applied overhead
Calculate labor costs:
Determine how much it cost your organization to hire all workers who will work on the project. Multiple the pay per day rate by the number of workers you have estimate to have.
Calculate material costs:
Calculate the cost of all materials that will be used on the job.
Estimate applied overhead:
This is the most difficult to determine, you will need to determine the total overhead costs factoring into the project. This will include your rental expense for the office as well as administrative costs and depreciation of all equipment used.
1. Overview diagram
Indirect Cost Pool
Cost allocation base
Cost Objects: Print jobs
Direct tracing
2. Materials Inventory Control 800
Accounts Payable Control 800
To record purchase of direct materials & supplies
Work-in-Process Inventory Control 710
Manufacturing Overhead Control 100
Materials Inventory Control 810
To record direct materials and supplies used
Work-in-Process Inventory Control 1,300
Manufacturing Overhead Control 900
Wages Payable 2,200
To record manufacturing labor
Manufacturing Overhead Control 400
Accumulated Depreciation – Building 400
and Manufacturing Equipment
To record depreciation of building and manufacturing equipment
Manufacturing Overhead Control 550
miscellaneous accounts 550
To record miscellaneous factory overhead
Work-in-Process Inventory Control 2,080
Applied Manufacturing Overhead 2,080
To assign manufacturing overhead to WIP based on DML dollars
Finished Goods Inventory Control 4,120
Work-in-Process Inventory Control 4,120
To record the cost of goods manufactured
Accounts Receivable Control or Cash 8,000
Sales Revenues 8,000
To record sales revenue
Cost of Goods Sold 4,020
Finished Goods Inventory Control 4,020
To record the costs of the goods sold ($1,300X 160%)
3. T-Accounts:
DIRECT MATERIALS
OPENING BALANCE $100 WORK-IN-PROCESS $710
CASH $800
WOR-IN-PROCESS
OPENING BALNCE $60 FINISHED GOODS $4, 120
DIRECT MATERIALS $710 CLOSING BALANCE $30
APPLIED MANUFACT- $2, 080
URING OVERHEAD
MAUFACTURING O/H $1, 300
$4, 150 $4, 150
FINISHED GOODS
OPENING BALANCE $500 COST OF GOODS SOLD $4, 020
WORK-IN-PROCESS $4, 120 CLOSING BALANCE $600
$4, 620 $4, 620
COST OF GOODS SOLD
FINISHED GOODS $4, 020 PROFIT/LOSS $4, 020
MANUFACTURING OVERHHEADS
INVENTORY CONTROL $710 WOR-IN-PROCESS $2, 560
WAGES PAYABLE $900
ACCUMULATED $400
DEPRECIATION
MISCELLANEOUS $550
ACCOUNTS
$2, 560 $2, 560
