Cost accounting

posted by .

Cost behavior and classification: Factory supervision, Aluminum tubing, Rims,Emblem, Gearbox, Straight-line depreciation on paint machine,Fenders, Inventory clerk’s salary, Inspector’s salary, Handlebars, Metal worker’s wages, Roller chain, Spokes (assuming cost is considered significant), Paint (assuming cost is considered significant)

  • Cost accounting -

    Please can you give the step to do this problems.

    (Comprehensive) Jackson Construction Company uses a job order costing system. In May 2008, Jackson made a $1,650,000 bid to build a pedestrian overpass over the beach highway in Gulfport, Mississippi. Jackson Construction won the bid and assigned #515 to the project. Its completion date was set at December 15, 2008. The following costs were estimated for completion of the overpass: $620,000 for direct material, $335,000 for direct labor, and $201,000 for overhead.
    During July, direct material cost assigned to Job #515 was $60,900, and direct labor cost associated with it was $87,520/ The firm uses a predetermined OH rate of 60 percent of direct labor cost. Jackson Construction also worked on several other jobs during July and incurred the following costs:
    Direct material (including job #515) $289,650
    Direct labor (including job #515) 292,000
    Indirect labor 27,900
    Administrative salaries and wages 19,800
    Depreciation on construction equipment 13,200
    Depreciation on office equipment 3,900
    Client entertainment (on accounts payable) 5,550
    Advertising for firm (paid in cash) 3,300
    Indirect material (from supplies inventory) 9,300
    Miscellaneous expenses (design related;
    to be paid in the following month) 5,100
    Accrued utilities (for office, $900; for construction, 3,600
    $2,700)
    During July, Jackson Construction completed several jobs that had been in process before the beginning of the month. These completed jobs generated $612,000 of revenues for the company. The related job cost sheets showed costs associated with those jobs of $414,500. At the beginning of July, Jackson Construction had Work in Process Inventory of $435,900.
    a. Prepare a job order cost sheet for Job #515, including all job details, and post the appropriate cost information for July.

    b. Prepare journal entries for the preceding information.


    c. Prepare a Cost of Goods Manufactured Schedule for July for Jackson Construction Company.

    d. Assuming that the company pays income tax at a 40 percent rate, prepare an income statement for Jackson Construction Company.

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. accounting

    # 1 Takers,Inc.provide the following results: 2004 2003 Units 2,400 3,000 Total Cost 19,200 24,000 What form of cost behavior is the cost above?
  2. accounting

    i AM HAVING TROUBLE WITH THESE TWO QUESTIONS 2-17 Calculate cost for a manufacturer, no inventories The following data pertains to the Anderson table mfg company for Jan. 2003 the company made 1000 tables durning Jan, and there are …
  3. ACCOUNTING

    Calculate cost for a manufacturer, no inventories The following data pertains to the Anderson table mfg company for Jan. 2003 the company made 1000 tables durning Jan, and there are no beginning or ending inventories. wood used in …
  4. ACCOUNTING

    Calculate cost for a manufacturer, no inventories The following data pertains to the Anderson table mfg company for Jan. 2003 the company made 1000 tables durning Jan, and there are no beginning or ending inventories. wood used in …
  5. Cost of Accounting

    What is the classification of the Cost behavior and classification: Factory supervision, Aluminum tubing, Rims,Emblem, Gearbox, Straight-line depreciation on paint machine,Fenders, Inventory clerk’s salary, Inspector’s salary, …
  6. Cost accounting

    (High-low method) Information about SnoCos’ utility cost for the last six months of 2008 follows. The high-low method will be used to develop a cost formula to predict 2009 utility charges, and the number of machine hours has been …
  7. business

    Direct verse indirect cost Estep Construction Company is composed of two divisions: (1) Home Construction and (2) Commercial Construction .The Home Construction Division is in the process of building 12 houses and the Commercial Division …
  8. accounting

    Classify each of the following costs incurred in manufacturing bicycles as variable (V), fi xed (F), or mixed (M) cost (using number of units produced as the activity measure). Also indicate whether the cost is direct material (DM), …
  9. Accounting 7

    Noteworthy, Inc., produces and sells small electronic keyboards. Assume that you have the following information about Noteworthy’s costs for the most recent month. Depreciation on factory equipment $800 Depreciation on CEO's company …
  10. Accounting 7

    coteworthy, Inc., produces and sells small electronic keyboards. Assume that you have the following information about Noteworthy’s costs for the most recent month. Depreciation on factory equipment $800 Depreciation on CEO's company …

More Similar Questions