Question
What to Do: USE THE EXCEL WORKBOOK, WHICH INCLUDES SEVEN SEPARATE TABS! Prepare journal entries to record Job #1744 .Entries will include recording materials, labor, overhead, etc., etc. It is your responsibility to provide journal entries for all purchases, physical flow into WIP (materials, labor and overhead Requisition has been provided for you. A completed timesheet has been provided for you. This should be accounted for as direct labor. - The cost of your hours will be recorded as overhead (indirect labor.) Your hourly rate is $12/ hour. Complete the blank timesheet for your time, and be sure to sign off as the accountant, as well (dual function) You will apply overhead based on 50% of direct labor cost. . You will assume the final package has been sold for $450.00. Record your entries for the sale. Upload the Project into Blackboard (instructions are included under the Project tab in BB.) Job Measurement You must turn in the following (in professional format): The Excel workbook, which includes (7) tabs AND - Answer these questions on the "Questions" tab: Using full cost, if you want to make a 500% profit, you would have to sell your "product" for what amount? (include calculation) 1. 2. What profit did you actually make, assuming a sales price of $450.00? Include your calculation.
Explanation / Answer
What to Do: USE THE EXCEL WORKBOOK, WHICH INCLUDES SEVEN SEPARATE TABS! Prepare journal entries to record Job #1744 .Entries will include recording materials, labor, overhead, etc., etc. It is your responsibility to provide journal entries for all purchases, physical flow into WIP (materials, labor and overhead Requisition has been provided for you. A completed timesheet has been provided for you. This should be accounted for as direct labor. - The cost of your hours will be recorded as overhead (indirect labor.) Your hourly rate is $12/ hour. Complete the blank timesheet for your time, and be sure to sign off as the accountant, as well (dual function) You will apply overhead based on 50% of direct labor cost. . You will assume the final package has been sold for $450.00. Record your entries for the sale. Upload the Project into Blackboard (instructions are included under the Project tab in BB.) Job Measurement You must turn in the following (in professional format): The Excel workbook, which includes (7) tabs AND - Answer these questions on the "Questions" tab: Using full cost, if you want to make a 500% profit, you would have to sell your "product" for what amount? (include calculation) 1. 2. What profit did you actually make, assuming a sales price of $450.00? Include your calculation.
