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'Cycle Gear Corporation has incurred the following costs on job W456, an order for 20 special sprockets to be delivered at the end of next month:
EXERCISE 3-2 Job-Order Costing Documents [LO2] Cycle Gear Corporation has incurred the following costs special sprockets be delivered at the end next month: job number W456. an order for 20 Direct materials_
On April 10, requisition number 5673 was issued for 20 titanium blanks be used in Ine special order The blanks cost S15.00 each: On April 11, requisition number 5678 was issued for 480 hardened nibs also be used in the special order The nibs cosi $1.25 each:
Direct labor: On April 12, Jamie Unser worked from 11.00 AM until 2.45 PM on Job W456.He Paid 59.60 per hour On April 18, Melissa Chan worked irom 8.15 AM until 11.30 A on Job W456.
She is paid 512.20 per hour:
Required: On what documents would these costs be recorded? How much cost should have been recorded on each of the documents for Job W4562'
Cycle Gear Corporation has incurred the following costs on job number Material Requisition Form
In job costing, whenever material is required to compelet specific job, it is withdrawn form the store. Material can be withdrawn with the documnet called Material requisition form which authorises such withdrawal specifying types and amount of material. It is very helpful for identifying job wise material consumption.
Time Ticket/sheet
In job costing labour cost are recorded on document called Time sheet or time ticket.
2)
Direct material
In material requitision form , cost of material to be recorded are as follows:
Req no. 15673 - 40 titenium blanks * $15 = $600
Req no 15678 - 420 nibs * 1.25 = $525
Direct Labour
Time sheet of Jamie Unser -
3 hrs and 45mints * 12.60 = $ 47.25
Time sheet of Mellica Chan -
3 hrs and 15 mints * 13.20 = $ 42.90
3)
Predetermined OHS rate 13.40 per hr
Actual Hrs 19800 hrs
Manufacturing ohs to be applied = 19800*13.40
= $265320
This is the case of over allocation of overheads by amounting to $ 16320
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