Chapter02.docx
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Chapter02
Chapter2
SystemsDesign:
Job-OrderCosting
SolutionstoQuestions
2-1Bydefinition,manufacturingoverheadconsistsofcoststhatcannotbepracticallytracedtojobs.Therefore,ifthesecostsaretobeassignedtojobs,theymustbeallocatedratherthantraced.
2-2Job-ordercostingisusedinsituationswheremanydifferentproductsorservicesareproducedeachperiod.Processcostingisusedinsituationswhereasingle,homogeneousproduct,suchascement,bricks,orgasoline,isproducedforlongperiods.
2-3Thejobcostsheetisusedtorecordallcoststhatareassignedtoaparticularjob.Thesecostsincludedirectmaterialscoststracedtothejob,directlaborcoststracedtothejob,andmanufacturingoverheadcostsappliedtothejob.Whenajobiscompleted,thejobcostsheetisusedtocomputetheunitproductcost.
2-4Apredeterminedoverheadrateisusedtoapplyoverheadcosttojobs.Itiscomputedbeforeaperiodbeginsbydividingtheperiod’sestimatedtotalmanufacturingoverheadbytheperiod’sestimatedtotalamountoftheallocationbase.Thereafter,overheadcostisappliedtojobsbymultiplyingthepredeterminedoverheadratebytheactualamountoftheallocationbasethatisrecordedforeachjob.
2-5Asalesorderisissuedafteranagreementhasbeenreachedwithacustomeronquantities,prices,andshipmentdatesforgoods.Thesalesorderformsthebasisfortheproductionorder.Theproductionorderspecifieswhatistobeproducedandformsthebasisforthejobcostsheet.Thejobcostsheet,inturn,isusedtosummarizethevariousproductioncostsincurredtocompletethejob.Thesecostsareenteredonthejobcostsheetfrommaterialsrequisitionforms,directlabortimetickets,andbyapplyingoverhead.
2-6Someproductioncostssuchasafactorymanager’ssalarycannotbetracedtoaparticularproductorjob,butratherareincurredasaresultofoverallproductionactivities.Inaddition,someproductioncostssuchasindirectmaterialscannotbeeasilytracedtojobs.Ifthesecostsaretobeassignedtoproducts,theymustbeallocatedtotheproducts.
2-7Ifactualmanufacturingoverheadcostisappliedtojobs,thecompanymustwaituntiltheendoftheaccountingperiodtoapplyoverheadandtocostjobs.Ifthecompanycomputesactualoverheadratesmorefrequentlytogetaroundthisproblem,theratesmayfluctuatewidelyduetoseasonalfactorsorvariationsinoutput.Forthisreason,mostcompaniesusepredeterminedoverheadratestoapplymanufacturingoverheadcoststojobs.
2-8Themeasureofactivityusedastheallocationbaseshoulddrivetheoverheadcost;thatis,theallocationbaseshouldcausetheoverheadcost.Iftheallocationbasedoesnotreallycausetheoverhead,thencostswillbeincorrectlyattributedtoproductsandjobsandproductcostswillbedistorted.
2-9Assigningmanufacturingoverheadcoststojobsdoesnotensureaprofit.Theunitsproducedmaynotbesoldandiftheyaresold,theymaynotbesoldatpricessufficienttocoverallcosts.Itisamyththatassigningcoststoproductsorjobsensuresthatthosecostswillberecovered.Costsarerecoveredonlybysellingtocustomers—notbyallocatingcosts.
2-10TheManufacturingOverheadaccountiscreditedwhenoverheadcostisappliedtoWorkinProcess.Generally,theamountofoverheadappliedwillnotbethesameastheamountofactualcostincurredbecausethepredeterminedoverheadrateisbasedonestimates.
2-11UnderappliedoverheadoccurswhentheactualoverheadcostexceedstheamountofoverheadcostappliedtoWorkinProcessinventoryduringtheperiod.OverappliedoverheadoccurswhentheactualoverheadcostislessthantheamountofoverheadcostappliedtoWorkinProcessinventoryduringtheperiod.UnderappliedoroverappliedoverheadisdisposedofbyclosingouttheamounttoCostofGoodsSold.TheadjustmentforunderappliedoverheadincreasesCostofGoodsSoldwhereastheadjustmentforoverappliedoverheaddecreasesCostofGoodsSold.
2-12Manufacturingoverheadmaybeunderappliedforseveralreasons.Controloveroverheadspendingmaybepoor.Or,someoftheoverheadmaybefixedandtheactualamountoftheallocationbasemaybelessthanestimatedatthebeginningoftheperiod.Inthissituation,theamountofoverheadappliedtoinventorywillbelessthantheactualoverheadcostincurred.
2-13UnderappliedoverheadimpliesthatnotenoughoverheadwasassignedtojobsduringtheperiodandthereforeCostofGoodsSoldwasunderstated.Therefore,underappliedoverheadisaddedtoCostofGoodsSold.Ontheotherhand,overappliedoverheadisdeductedfromCostofGoodsSold.
2-14Aplantwideoverheadrateisasingleoverheadrateusedthroughoutaplant.Inamultipleoverheadratesystem,eachproductiondepartmentmayhaveitsownpredetermineoverheadrateanditsownallocationbase.Somecompaniesusemultipleoverheadratesratherthanplantwideratestomoreappropriatelyallocateoverheadcostsamongproducts.Multipleoverheadratesshouldbeused,forexample,insituationswhereonedepartmentismachineintensiveandanotherdepartmentislaborintensive.
2-15Whenautomatedequipmentreplacesdirectlabor,overheadincreasesanddirectlabordecreases.Thisresultsinanincreaseinthepredeterminedoverheadrate—particularlyifitisbasedondirectlabor.
BriefExercise2-1（10minutes）
a.
Processcosting
g.
Job-ordercosting
b.
Job-ordercosting
h.
Processcosting*
c.
Processcosting
i.
Job-ordercosting
d.
Processcosting
j.
Processcosting*
e.
Processcosting
k.
Job-ordercosting
f.
Job-ordercosting
l.
Job-ordercosting
*Someofthelistedcompaniesmightuseeitheraprocesscostingorajob-ordercostingsystem,dependingonthenatureoftheiroperationsandhowhomogeneousthefinalproductis.Forexample,achemicalmanufacturerwouldtypicallyoperatewithaprocesscostingsystem,butajob-ordercostingsystemmightbeusedifproductsaremanufacturedinrelativelysmallbatches.Thesamethingmightbetrueofthetiremanufacturingplantinitemj.
BriefExercise2-2（15minutes）
1.Thedirectmaterialsanddirectlaborcostslistedintheexercisewouldhavebeenrecordedonfourdifferentdocuments:
thematerialsrequisitionformforJobW456,thetimeticketforJamieUnser,thetimeticketforMelissaChan,andthejobcostsheetforJobW456.
2.ThecostsforJobW456wouldhavebeenrecordedasfollows:
Materialsrequisitionform:
Quantity
UnitCost
TotalCost
Blanks
20
$15.00
$300
Nibs
480
$1.25
600
$900
TimeticketforJamieUnser
Started
Ended
Time
Completed
Rate
Amount
JobNumber
11:
00AM
2:
45PM
3.75
$9.60
$36.00
W456
TimeticketforMelissaChan
Started
Ended
Time
Completed
Rate
Amount
JobNumber
8:
15AM
11:
30AM
3.25
$12.20
$39.65
W456
JobCostSheetforJobW456
Directmaterials
$900.00
Directlabor:
JamieUnser
36.00
MelissaChan
39.65
$975.65
BriefExercise2-3（10minutes）
Thepredeterminedoverheadrateiscomputedasfollows:
Estimatedtotalmanufacturingoverhead
$134,000
÷Estimatedtotaldirectlaborhours（DLHs）
20,000
DLHs
=Predeterminedoverheadrate
$6.70
perDLH
BriefExercise2-4（15minutes）
a.
RawMaterials
80,000
AccountsPayable
80,000
b.
WorkinProcess
62,000
ManufacturingOverhead
9,000
RawMaterials
71,000
c.
WorkinProcess
101,000
ManufacturingOverhead
11,000
WagesPayable
112,000
d.
ManufacturingOverhead
175,000
VariousAccounts
175,000
BriefExercise2-5（10minutes）
Actualdirectlabor-hours
10,800
×Predeterminedoverheadrate
$23.40
=Manufacturingoverheadapplied
$252,720
BriefExercise2-6（20minutes）
1.
CostofGoodsManufactured
Directmaterials:
Rawmaterialsinventory,beginning
$12,000
Add:
Purchasesofrawmaterials
30,000
Totalrawmaterialsavailable
42,000
Deduct:
Rawmaterialsinventory,ending
18,000
Rawmaterialsusedinproduction
24,000
Lessindirectmaterialsincludedinmanufacturingoverhead
5,000
$ 19,000
Directlabor
58,000
Manufacturingoverheadappliedtoworkinprocessinventory
87,000
Totalmanufacturingcosts
164,000
Add:
Beginningworkinprocessinventory
56,000
220,000
Deduct:
Endingworkinprocessinventory
65,000
Costofgoodsmanufactured
$155,000
2.
CostofGoodsSold
Finishedgoodsinventory,beginning
$ 35,000
Add:
Costofgoodsmanufactured
155,000
Goodsavailableforsale
190,000
Deduct:
Finishedgoodsinventory,ending
42,000
Unadjustedcostofgoodssold
148,000
Add:
Underappliedoverhead
4,000
Adjustedcostofgoodssold
$152,000
BriefExercise2-7（20minutes）
Parts1and2.
Cash
RawMaterials
（a）
94,000
（a）
94,000
（b）
89,000
（c）
132,000
Bal.
5,000
（d）
143,000
WorkinProcess
FinishedGoods
（b）
78,000
（f）
342,000
（f）
342,000
（c）
112,000
Bal.
0
（e）
152,000
（f）
342,000
Bal.
0
ManufacturingOverhead
CostofGoodsSold
（b）
11,000
（e）
152,000
（f）
342,000
（c）
20,000
（g）
22,000
（d）
143,000
（g）
22,000
Bal.
364,000
Bal.
0
BriefExercise2-8（10minutes）
1.
Actualdirectlabor-hours
11,500
×Predeterminedoverheadrate
$18.20
=Manufacturingoverheadapplied
$209,300
Less:
Manufacturingoverheadincurred
215,000
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