Staircase Equipment Company uses a job order cost system. The following data summarize the operations related to production for April 2010, the first month of operations:
a. Materials purchased on account, $23,400.
b. Materials requisitioned and factory labor used:
c. Factory overhead costs incurred on account, $4,500.
d. Depreciation of machinery and equipment, $1,560.
e. The factory overhead rate is $50 per machine hour. Machine hours used:
Job......................... Machine Hours
No. 201.......................... 18
No. 202.......................... 30
No. 203.......................... 24
No. 204.......................... 75
No. 205.......................... 33
No. 206.......................... 20
Total............................ 200
f. Jobs completed: 201, 202, 203, and 205.
g. Jobs were shipped and customers were billed as follows: Job 201, $6,540; Job 202, $8,820; Job 203, $11,880.
Instructions
1. Prepare a schedule summarizing manufacturing costs by job for April. Use the following form:
Job....... Direct Materials......... Direct Labor....... Factory Overhead....... Total
2. Prepare a schedule of jobs finished in April.
3. Prepare a schedule of jobs sold in April. What account does this schedule support for the month of April?
4. Prepare a schedule of completed jobs on hand as of April 30, 2010. What account does this schedule support?
5. Prepare a schedule of unfinished jobs as of April 30, 2010. What account does this schedule support?