PROBLEM 2-4. Job Cost Sheets and Inventory Accounts [LO 3, 6] Renton Custom Windows produces custom windows for business and residential customers who supply Renton with architectural specifications.
At the start of 2011, three jobs were in process:
|
Cost incurred as of 1/1/2011 |
|
|
Job 258 |
$4,500 |
|
Job 259 |
5,500 |
|
Job 260 |
3,000 |
Also at the start of 2011, one job was completed and awaiting shipment:
|
Cost incurred as of 1/1/2011 |
|
|
Job 257 |
$8,500 |
During 2011, the company incurred the following costs:
|
Direct material |
$ 700,000 |
|
Direct labor |
1,600,000 |
|
Manufacturing overhead |
2,100,000 |
At the end of 2011, two jobs were in process:
|
Cost incurred as of 12/31/2011 |
|
|
Job 345 |
$2,100 |
|
Job 346 |
5,200 |
In addition, four jobs were completed and awaiting shipment:
|
Cost incurred as of 12/31/2011 |
|
|
Job 341 |
$1,200 |
|
Job 342 |
3,100 |
|
Job 343 |
2,400 |
|
Job 344 |
4,500 |
Required
PROBLEM 3-2. Comprehensive Problem, One Department [LO 3, 4] Marquita Filters produces an air filter for use in jet aircraft. Parts are added at several points in the production process. In August, production began with 500 filters in Work in Process, 80 percent complete as to materials and 70 percent complete as to labor and overhead. During the month, an additional 2,700 units were started into production. Six hundred filters were in Work in Process at the end of the month, and they were 70 percent complete as to materials and 60 percent complete as to labor and overhead.
|
Cost Information for August |
Beginning Work in Process Inventory |
Cost Added in August |
|
Direct material |
$ 45,000 |
$269,080 |
|
Direct labor |
11,000 |
77,800 |
|
Manufacturing overhead |
80,000 |
497,200 |
|
Total |
$136,000 |
$844,080 |
Required
· a. Calculate the cost per equivalent unit for each of the three cost items and in total.
· b. Calculate the cost of items completed in August and the cost of ending Work in Process inventory.
· c. Reconcile the sum of the two costs in part b to the sum of beginning Work in Process and costs added in August.
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