Problem
Prepare journal entries to record Job #101 (which is this project). Entries will include recording materials, labor, overhead, etc., etc. It is your responsibility to provide journal entries for all purchases, physical flow into WIP (materials, labor and overhead).
Requisition has been provided for you.
A time sheet has been provided for you. This should be accounted for as direct labor.
The cost of your hours will be recorded as overhead (indirect labor.) Your hourly rate is $12/ hour. Prepare a timesheet for your time. No approvals needed.
You will apply overhead based on 150% of direct labor cost.
You will assume the final package has been sold for $195.00. Record your entries for the sale.
Using full Cost, if you want to make a 200% profit, you would have to sell your "product" for what amount? (include calculation)
What profit did you actually make, assuming a sales price of $195.00? Include your calculation
The only indirect cost given are "my" labor hours on the "your name here" timesheet
I need help with the journal entries. I am also confused on the timesheets and job cost card. Would you mind helping and showing calculations?