G4 T1 Cost Section 2 Zakaria Hasaneen
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This document provides accounting information for Ziko Printing, Inc. for the month of January 20X5. It includes a list of required calculations related to the company's job order costing system, along with additional information provided in items a through i. The calculations required are for material purchased, cost of goods sold, direct manufacturing labor costs, manufacturing overhead allocated, various account balances, and manufacturing overhead under or overapplied.
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G4 T1 Cost Section 2 Zakaria Hasaneen
- 1. By: Zakaria Hasaneen Teaching Assistant at Faculty of Commerce Accounting Department (English Section) Kafrelsheikh University COST ACC Grade 4 https://www.facebook.com/Zakaria.Hasaneen.Official/
- 7. You are asked to bring the following incomplete accounts of ZIKO Printing, Inc. up to date through January 31,20X5. Consider the data that appear in the T-accounts as well as additional information given in items (a) through (i). ZIKO’s job order costing system has two direct cost categories (direct material and direct manufacturing labor) and one indirect cost pool (manufacturing overhead, which is allocated using direct manufacturing labor costs). Cost accumulation https://www.facebook.com/Zakaria.Hasaneen.Official/
- 9. Additional Information: a. Manufacturing department overhead is allocated using a budgeted rate set every December. Management forecasts next year's overhead and next year's direct manufacturing labor costs. The budget for 20X5 is $400,000 of direct manufacturing labor and $600,000 of manufacturing overhead. b. The only job unfinished on January 31, 20X5 is No. 419, on which direct manufacturing labor costs are $2,000 (125 direct manufacturing labor hours) and direct material costs are $8,000. c. Total material placed into production during January is $90,000. d. Cost of goods completed during January is $180,000. https://www.facebook.com/Zakaria.Hasaneen.Official/
- 10. e. Material inventory as of January 31, 20X5 is $20,000. f. Finished goods inventory as of January 31, 20X5 is $15,000. g. All plant workers earn the same wage rate. Direct manufacturing labor hours for January totals 2,500. Other labor and supervision totals $10,000. h. The gross plant payroll on January paydays totals $52,000. Ignore withholdings. All personnel are paid on a weekly basis. i. All "actual" manufacturing department overhead incurred during January has already been posted. https://www.facebook.com/Zakaria.Hasaneen.Official/
- 11. Required: a. Material purchased during January b. Cost of Goods Sold during January c. Direct Manufacturing Labor Costs incurred during January d. Manufacturing Overhead Allocated during January e. Balance, Wages Payable Control, December 31, 20X4 f. Balance, Work in Process Inventory Control, January 31, 20X5 g. Balance, Work in Process Inventory Control, December 31, 20X4 h. Balance, Finished Goods Inventory Control, January 31, 20X5 i. Manufacturing Overhead underapplied or overapplied for January https://www.facebook.com/Zakaria.Hasaneen.Official/
- 12. a. Material purchased during January a. $15,000 + Purchases - $20,000 = $90,000. Purchases = $95,000 https://www.facebook.com/Zakaria.Hasaneen.Official/
- 13. b. Cost of Goods Sold during January b. $20,000 + $180,000 - $15,000 = $185,000 https://www.facebook.com/Zakaria.Hasaneen.Official/
- 14. c. Direct Manufacturing Labor Costs incurred during January https://www.facebook.com/Zakaria.Hasaneen.Official/
- 15. d. Manufacturing Overhead Allocated during January https://www.facebook.com/Zakaria.Hasaneen.Official/
- 16. e. Balance, Wages Payable Control, December 31, 20X4 https://www.facebook.com/Zakaria.Hasaneen.Official/
- 17. f. Balance, Work in Process Inventory Control, January 31, 20X5 https://www.facebook.com/Zakaria.Hasaneen.Official/
- 18. g.Balance, Work in Process Inventory Control, December 31, 20X4 https://www.facebook.com/Zakaria.Hasaneen.Official/
- 19. h. Balance, Finished Goods Inventory Control, January 31, 20X5 https://www.facebook.com/Zakaria.Hasaneen.Official/
- 20. i. Manufacturing Overhead underapplied or overapplied for January https://www.facebook.com/Zakaria.Hasaneen.Official/