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Required
Prepare an overview diagram of the job-costing system at the
University of Chicago Press.
Prepare journal entries to summarize the 2011 transactions. As your
final entry, dispose of the year-end under- or overallocated
manufacturing overhead as a write-off to Cost of Goods Sold.
Number your entries. Explanations for each entry may be omitted.
Show posted T-accounts for all inventories, Cost of Goods Sold,
Manufacturing Overhead Control, and Manufacturing Overhead
Allocated.
E4-29 (Job-order Costing: Actual, Normal, and Variation from
Normal Costing, pages 131-132) Braden Brothers, Inc., is an
architecture firm specializing in high-rise buildings. Its job-costing
system has a single direct-cost category (architectural labor) and a
single indirect-cost pool, which contains all costs of supporting the
office. Support costs are allocated to individual jobs using architect
labor-hours. Braden Brothers employs 15 architects.
Budgeted and actual amounts for 2010 are as follows:
Required
Compute the direct-cost rate and the indirect-cost rate per
architectural labor-hour for 2010 under (a) actual costing, (b) normal
costing, and (c) the variation from normal costing that uses budgeted
rates for direct costs.
Braden Brother’s architectural sketches for Champ Tower in Houston
was budgeted to take 275 hours of architectural labor time. The actual
architectural labor time spent on the job was 250 hours. Compute the
cost of the Champ Tower sketches using (a) actual costing, (b) normal
costing, and (c) the variation from normal costing that uses budgeted
rates for direct costs.
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ACG 3341 Week 5 Individual Work
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