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In January, Knox Company requisitions raw materials for production as follows: J

ID: 2417903 • Letter: I

Question

In January, Knox Company requisitions raw materials for production as follows: Job 1 $947, Job 2 $1,700, Job 3 $807, and general factory use $634. During January, time tickets show that the factory labor of $8,030 was used as follows: Job 1 $2,316, Job 2 $1,728, Job 3 $1,562, and general factory use $2,424.

Prepare the job cost sheets for each of the three jobs.

Job 1 Direct Materials Direct Labor

__________ __________

Job 2 Direct Materials Direct Labor

__________ __________

Job 3 Direct Materials Direct Labor

__________ __________

Explanation / Answer

the job cost sheets for each of the three jobs:

Allocation of factory overheads = 634+2424=$3058

As the production process requires more of Labor hours, so Direct Labor cost will appropriate overhead distribution driver. So, factory overhead can be allocated as:

Job 1 = 3058 /5606 *2316 = $1263

Job 2 = 3058 /5606 *1728 = 943

Job 3 = 3058 /5606 *1562 = 852

JOB DIRECT MATERIALS $ DIRECT LABOR $ FACTORY OVERHEAD $ TOTAL $ 1 $947 2,316 1263 4526 2 $1,700 1,728 943 4371 3 $807 1,562 852 3221 Total 3454 5606 3058 12118
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