Please show all steps. Thank you. Job Order Costing To keep records of the actua

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Please show all steps. Thank you.

Job Order Costing To keep records of the actual cost of a special order job, a Job Order Cost System has been developed. Overhead is applied at the rate of 50% of the direct labor cost. Job Order Costing Section On January 1, 20x2, Division S began Job 2407 for the Client, THE BIG CHILDREN STORE. The job called for 4,000 customized lamps. The following set of transactions occurred from January 5 until the job was completed: 5-Jan Purchased 4,150 Lamp Kits @ $16.75 per kit. 9-Jan 4,100 sets of Lamp Kits were requisitioned 17-Jan Payroll of 620 Direct Labor Hours $9.70 per hour 30-Jan Payroll of 670 Direct Labor Hours $9.95 per hour. 30-Jan 3,990 lamps were completed and shipped. All materials requisitioned were used or scrapped, and are a cost of normal processing Month End Overhead Information Actual Variable Manufacturing Overhead Actual Fixed Manufacturing Overhead $ 1,264.20 s 40,873.45 Round to two places, Cost of Direct Material Incurred in Manufacturing Job 2407 Cost of Direct Labor Incurred in Manufacturing Job 2407 Cost of Manufacturing Oerhead Applied to Job 2407 Cost of manufacturing one lamp

Explanation / Answer

Calculation of cost of direct material incurred manufacturing job 2017 Jan - 09, 4100 sets of lamps = $                68,675 Total $                68,675 Calculation of cost of Direct labour Cost : for Job Jan-17, 620 Direct Labour @ 9.70 = $                  6,014 Jan-30, 670 Direct Labour @ 9.95 = $                  6,667 Total   $                12,681 CALCULATION OF THE OVERHEAD COST OF JOB: Varaible Manufacturing Overh. $               1,264.2 Fixed Manufacturing Ovh. $            40,873.5 Total $                42,138 CALCULATION OF MANUFACTURING COST OF ONE LAMP Direct Material Cost= $                68,675 Direct Labour Cost = $                12,681 Manufacturing Overhead Cost = $                42,138 Total Cost = $            1,23,493 No: of Lamp Produce =                       3,990 Lamps Cost of one Lamp ( $ 123,493 / 3,990 Lamps) $                     31.0 Per Lamp

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