Calculate the cost of clocks transferred out

Assignment Help Accounting Basics

Reference no: EM131610415

Question 1 -

Jazza Ltd produces clocks at its Shenzhen factory. Each clock is put together in the Assembly Department and then tested in the Testing Department.

In the Assembly Department, the process-costing system at Jazza Ltd has a single direct cost category (direct materials) and a single indirect cost category (conversion costs).

Direct materials are added at the beginning of the process. Conversion costs are added evenly during the process.

When the Assembly Department finishes work on each clock, it is immediately transferred to Testing.

Jazza Ltd uses the weighted-average method of process costing.

Data for the Assembly Department for August 2017 are:

	Physical Units	Direct Materials	Conversion costs
Work in process, 1 August	6,000	$2.950.000	$925.500
Started during August	20,000
Completed during August	22,500
Total costs added during October		$12200.000	$6,375,000

Opening work in process is 60% complete with regards to conversion costs and dosing work in process is 70% complete with regards to conversion costs.

REQUIRED: Produce a production cost report in order to calculate the cost of clocks transferred out and the value of closing work in process in the assembly department.

Question 2 -

Limited edition dresses Pty Ltd incurred the following costs for job number SH400, which consisted of 500 cocktail dresses for sale to a fashion store.

Direct material:

1 December Requisition no. 520: 900 metres of Cotton @ 8.50 per metre
16 December Requisition no. 101: 600 metres of Nylon @ $4.40 per metre

Direct labour:

16 December Timesheet no. 72: 500 hours@$24 per hour

Manufacturing overhead: Applied on the basis of direct labour hours @$12 per hour

Additional information: Job SH400 was completed on 16 December.

REQUIRED: Prepare a job cost sheet including dates & requisition / timesheet numbers and record the information given above and also a cost summary for job SH400.

Reference no: EM131610415

Questions Cloud

Explain the concept of an entity and attribute : Explain the concept of an entity and attribute. What are five attributes for the entity student for a university system tracking information on students?

What internal barriers to effective listening were observed : What level of listening was being used? What internal/external barriers to effective listening were observed? Hypothesize how these barriers could be overcome.

Propose a three-stage pipelining : Propose a three-stage pipelining (Fetch, Decode, Execute) and propose the changes in your proposed scheme and the differences between it and the original

What is the initial outlay associated with the project : What is the initial outlay associated with the project? What are the expected annual free cash flows for years 1 through 9?

Calculate the cost of clocks transferred out : Produce a production cost report in order to calculate the cost of clocks transferred out and the value of closing work in process in the assembly department

Explain between leadership and management roles : Explain the leadership and management roles, and provide specific examples from the text, literature, or personal example.

Processor network topologies : Discuss the similarities and differences between the two (computer network topologies vs. processor network topologies) in terms of design considerations?

Multiple irrs and mirr : A mining company is deciding whether to open a strip mine, which costs $1.5 million. Cash inflows of $13 million would occur at the end of Year 1.

Strategic management of technology : Case Analysis: Google: Research Google's attempt to buy into wireless via the 700 MHz Spectrum Auction.

Reviews

len1610415

8/23/2017 4:54:29 AM

Australian student, There are two questions uploaded in two file below. Answers should be done on spreadsheet in two separate pages in an excel file and all notes and explosions should be presented professionally. Formulas should be used on excel.

Write a Review

Required(*) Message

User Account

All Pages