# Accounting questions | Accounting homework help

The following information is from the materials requisitions and time tickets for Job 9-1005 completed by Wright Boats. The requisitions are identified by code numbers starting with the letter Q and the time tickets start with W. At the start of the year, management estimated that overhead cost would equal 140% of direct labor cost for each job.

Date Document Amount
7/1/2011 Q-4698 \$ 1,350
7/1/2011 W-3393 700
7/5/2011 Q-4725 1,100
7/5/2011 W-3479 550
7/10/2011 W-3559 400

Determine the total cost on the job cost sheet for Job 9-1005. (Omit the “\$” sign in your response.)

Total cost \$
In December 2010, Kent Computer’s management establishes the year 2011 predetermined overhead rate based on direct labor cost. The information used in setting this rate includes estimates that the company will incur \$797,500 of overhead costs and \$550,000 of direct labor cost in year 2011. During March 2011, Kent began and completed Job No. 13-56.

2. Use the information on the following job cost sheet.

JOB COST SHEET
Customer’s Name Keiser Co. Job No. 13-56
Job Description 5 color monitors—21 inch
Costs Applied

Date Requisition No. Amount Time-Ticket No. Amount Rate Amount
Mar. 8 4-129 \$ 4,000 T-306 \$ 660
Mar. 11 4-142 6,600 T-432 1,340
Mar. 18 4-167 3,350 T-456 1,300

Totals

Total cost of the job \$
Lopez Company uses a job order cost accounting system that charges overhead to jobs on the basis of direct material cost. At year-end, the Goods in Process Inventory account shows the following.

Date Explanation Debit Credit Balance
2011
Dec. 31 Direct materials cost 1,300,000 1,300,000
31 Direct labor cost 210,000 1,510,000