LESSON 19-2 Maintaining Manufacturing Records

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Presentation transcript:

LESSON 19-2 Maintaining Manufacturing Records 6/12/2018 LESSON 19-2 Maintaining Manufacturing Records RED

RECORDS FOR MATERIALS 1 2 3 4 1. Open a materials ledger card. LESSON 19-2 6/12/2018 RECORDS FOR MATERIALS page 565 1 2 3 4 1. Open a materials ledger card. 2. Record orders placed. 3. Record orders received. 4. Record the new balance. LESSON 19-2 RED

RECORDING DIRECT MATERIALS ON A COST SHEET LESSON 19-2 6/12/2018 RECORDING DIRECT MATERIALS ON A COST SHEET page 566 1 4 2 1. Open a cost sheet for each job. 2. Prepare a materials requisition. 3. Update the materials ledger card. 4. Record the issuance of direct materials. 3 LESSON 19-2 RED

RECORDING DIRECT LABOR ON A COST SHEET LESSON 19-2 6/12/2018 RECORDING DIRECT LABOR ON A COST SHEET page 568 1 1. Each employee prepares a job-time record for each job worked on. 2. Record the total of all the job-time records for the job. 2 LESSON 19-2 RED

CALCULATING AND RECORDING FACTORY OVERHEAD LESSON 19-2 6/12/2018 CALCULATING AND RECORDING FACTORY OVERHEAD page 569 Estimated No. of Units (Fax Machines) Produced Estimated Direct Labor Hours per Unit Estimated Salary Rate per Hour Estimated Total Direct Labor Cost × = 10,000 × 8 = $1,000,000.00 $12.50 Estimated Direct Labor Cost Estimated Factory Overhead Factory Overhead Applied Rate ÷ = $800,000.00 ÷ = .80 or 80% $1,000,000.00 Factory Overhead Applied Rate Total Direct Labor Costs (Job No. 791) Applied Overhead (Job No. 791) × = $5,024.00 × = $4,019.20 80% LESSON 19-2 RED

COMPLETING A JOB COST SHEET LESSON 19-2 6/12/2018 COMPLETING A JOB COST SHEET page 570 1. Total direct materials. 2. Total direct labor. 3. Transfer amounts to Summary columns. 3 4. Calculate applied factory overhead. 4 5. Determine total job cost. 5 2 6. Determine cost per unit. 1 6 No. of Units Total Costs (Job No. 791) Cost per Unit ÷ = $16,812.50 ÷ = $336.25 50 LESSON 19-2 RED

FINISHED GOODS LEDGER CARD LESSON 19-2 6/12/2018 FINISHED GOODS LEDGER CARD page 571 2 1 4 3 1. Complete the Manufactured/Received columns. 2. Enter existing inventory balance. Quantity × Unit Cost = Total Cost 3. Extend data for Job 791. 110 × $339.30 = $37,323.00 50 × 336.25 = 16,812.50 $54,135.50 4. Calculate total cost. LESSON 19-2 RED

TERM REVIEW page 572 applied overhead LESSON 19-2