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    Job Cost Flows

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    Job Cost Flows

    The job cost sheet for 1,000 units of toy trucks is:

    Job Number 555 Date Started 4/13
    Date Completed 6/18

    Raw Materials Direct Labor
    Date Type Cost Qty. Amount Cost Hours Amount
    4/13 565 $ 3 1,000 $3,000 $18 20 $ 360
    5/24 889 1 4,000 4,000 12 10 120
    6/18 248 2 1,000 2,000 15 100 1,500
    $9,000 130 $1,980

    Total direct materials $9,000
    Total direct labor 1,980
    Overhead (130 direct labor hours @ $10/hour) 1,300
    Total Job Cost $12,280

    All of the materials for the job were purchased on 4/10. The batch of 1,000 toy trucks is sold on 7/10.
    What are the costs of this job order in the raw materials account, the work-in-process account, the finished goods account, and the cost of goods account on 4/30, 5/31, 6/30 and 7/31?

    © BrainMass Inc. brainmass.com June 4, 2020, 3:28 am ad1c9bdddf
    https://brainmass.com/business/accounting/job-cost-flows-516808

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    Solution Preview

    Raw materials a/c Direct labor a/c
    To cash a/c 3000 30/4 by work in process a/c 3000 13/4 To cash a/c 360 30/4 by work in process a/c 360
    To cash a/c 4000 31/5 by work in process a/c 4000 24/5 To cash a/c 120 31/5 by work in process a/c 120
    To cash a/c 2000 01-Jun by work in process a/c 2000 01-Jun To cash a/c 1500 01-Jun by work in process ...

    Solution Summary

    Job cost flows are examined.

    $2.19

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