# Schedule of Summarizing Manufacturing Costs by Job Incurred

Question

GIVEN: Example Manufacturing Company uses a job order costing system. The following information summarizes its operations related to production for January, its first month of operations.

A.  Purchased production materials on account, \$85,000.

B.  Production materials of \$90,000 were requisitioned to the factory for the five jobs started in January and for general factory use as follows:

 Job Materials Job No. 1001 \$15,000 Job No. 1002 14,000 Job No. 1003 11,800 Job No. 1004 20,200 Job No. 1005 22,000 General factory use 7,000 \$90,000

C.  Factory labor costs of \$71,000 were incurred.  The employee time tickets provided the following:

 Job Factory Labor Job No. 1001 \$   10,000 Job No. 1002 11,750 Job No. 1003 10,250 Job No. 1004 14,800 Job No. 1005 18,200 General factory use 6,000 \$71,000

D.  Factory overhead is allocated to jobs at a rate of \$50 per machine hour.  Machine hours used were:

 Job Machine Hours Job No. 1001 105 Job No. 1002 110 Job No. 1003 95 Job No. 1004 150 Job No. 1005 120 580

E.  Depreciation on the factory machinery and equipment was \$6,500.

F.  Factory overhead costs incurred on account were \$9,800.

G.  Jobs 1001, 1002 and 1004 were completed.

H.  Jobs 1001 and 1002 were shipped and the customers were billed \$100,000 for job 1001 and \$111,000 for job 1002.

Prepare a schedule summarizing manufacturing costs by job incurred in January.  Use the following columns and provide column totals.

Job          Direct Materials           Direct Labor               Factory Overhead          Total

Summary

This question belongs to accounting and discusses about summarizing manufacturing costs, journal entries, inventory, cost of goods sold and profit of a company based on the given data.

Total word count: 48

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