Calculating and Posting the Total Cost to Complete a Job and Sales Revenue to T-Accounts
Aquazona Pool Company is a custom pool builder. It recently completed a pool for the Drayna family (Job 1324) as summarized on the following incomplete job cost sheet.
Job Cost Sheet | ||||||||
Job Number 1324 | ||||||||
Date Started: 7/12/2010 | ||||||||
Date Completed: | ||||||||
Description: Drayna Pool | ||||||||
Direct Materials | Direct Labor | Applied Manufacturing Overhead |
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Req. No | Amount | Ticket | Hours | Amount | Hours | Rate | Amount |
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MR 3345 | $1,500 | TT 335 | 31 | $ 600 |
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MR 3372 | 1,000 | TT 340 | 39 | 800 |
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MR 4251 | 1,250 | TT 385 | 31 | 600 |
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MR 4263 | 1,750 | TT 425 | 34 | 700 |
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MR 5236 | 2,000 | TT 445 | 23 | 500 |
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| $7,500 |
| 158 | $3,200 | ? | ? | ? |
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Cost Summary |
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Direct Materials Cost | $7,500 |
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Direct Labor Cost | 3,200 |
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Applied Manufacturing Overhead | ? |
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Total Cost |
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The company applies overhead to jobs at a rate of $10 per direct labor hour.
Required:
1.Calculate how much overhead would be applied to Job 1324.
2. Compute the total cost of Job 1324.
3. Assume the company bids its pools at total manufacturing cost plus 30 percent. If actual costs were the same as estimated, determine how much revenue the company would report on the sale of Job 1324.
4. Calculate how much gross profit Aquazona made on the sale of the Drayna pool.
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