Job Cost Sheets for Howard Manufacturing Are as Follows

question 195

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.)

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Definitions:

Ego

In Freudian theory, the part of the personality that mediates among the demands of the id, the superego, and reality.

Superego

In psychoanalytic theory, the part of a person's mind that acts as a self-critical conscience, reflecting social standards learned from parents and teachers.

Projective Tests

Psychological assessment tools that use ambiguous stimuli to elicit responses that reveal aspects of an individual's personality.

Rorschach Inkblot Test

Projective test that uses 10 inkblots as the ambiguous stimuli.