Job Cost Sheets for Howard Manufacturing Are as Follows

question 115

Essay

Job cost sheets for Howard Manufacturing are as follows:
Instructions
(a) Answer the following questions.
1. What was the balance in Work in Process Inventory on July 1 if these were the only unfinished jobs?
2. What was the predetermined overhead rate in June if overhead was applied on the basis of direct labor cost?
3. If July is the start of a new fiscal year and the overhead rate is 20% higher than in the preceding year, how much overhead should be applied to Job 210 in July?
4. Assuming Job 210 is complete, what is the total and unit cost of the job?
5. Assuming Job 211 is the only unfinished job at July 31, what is the balance in Work in Process Inventory on this date?
(b) Journalize the summary entries to record the assignment of costs to the jobs in July. (Note: Make one entry in total for each manufacturing cost element.)

---

Definitions:

Direct Sourcing

A recruitment strategy where companies use their own resources and efforts to find candidates for job positions, bypassing external recruiting services.

Referrals

The process of recommending someone for a job based on personal or professional contacts, often used to find potential candidates.

Company Web Site

An online platform owned and operated by a company to provide information about its business, products, and services to the public.

Recruiting Practices

The methods and strategies used by organizations to find, attract, and hire new employees.