GCU ACC650 Week 1 Assignment

GCU ACC650 Week 1 Assignment

GCU ACC650 Week 1 Assignment

Question

Job-Order Costing

Complete Problems 2-37 and 3-47 in the textbook.

Complete Problem 2-37 in a Word document and Problem 3-47 in
Excel. Please note, you must show your work in Excel, which includes providing
the formulas in the cells, not just the summary value. You may not earn full
points if you do not show your work in detail.

Save your assignment (Word) as
Lastname_FirstnameACC650_T1.docx.

Save your assignment (Excel) as
Lastname_FirstnameACC650_T1.xlsx.

You are not required to submit this assignment to
LopesWrite.

Due Date: 09-Oct-2019 at 11:59:59 PM

Problems

Problem 2–37

Content of Financial Statements

and Reports

(LO 2-3, 2-4)

Consider the following cost items:

1. Salaries of players on the Boston Red Sox.

2. Year-end completed goods of Levi Strauss jeans.

3. Executive compensation costs at Home Depot.

4. Advertising costs for Sony.

5. Costs incurred during the period to insure a Ford plant
against fire and flood losses.

6. Current year’s depreciation on a Carnival Cruise Line
ship.

7. The cost of printer ink and paper used during the period
by Shutterfly.

8. Assembly-line wage cost incurred at a Kona bicycle plant.

9. Year-end production in process at Lenovo computer
manufacturer.

10. The cost of products sold to customers of a Target
store.

11. The cost of products sold to distributors of carpet
manufacturer Shaw Floors.

Required:

1. Evaluate the costs just cited, and determine whether the
associated dollar amounts would be found

on the firm’s balance sheet, income statement, or schedule
of cost-of-goods-manufactured. (Note:

In some cases, more than one answer will apply.)

2. What major asset will normally be insignificant for
service enterprises and relatively substantial

for retailers, wholesalers, and manufacturers? Briefly
discuss.

3. Briefly explain the major differences between income
statements of service enterprises versus

those of retailers, wholesalers, and manufacturers.

JLR Enterprises provides consulting services throughout
California and uses a job-order costing system

to accumulate the cost of client projects. Traceable costs
are charged directly to individual clients; in

contrast, other costs incurred by JLR, but not identifiable
with specific clients, are charged to jobs by

using a predetermined overhead application rate. Clients are
billed for directly chargeable costs, overhead,

and a markup.

JLR’s director of cost management, Brent Dean, anticipates
the following costs for the upcoming

year:

?
Problem 3–47

Job-Order Costing in a Consulting

Firm

(LO 3-1, 3-2, 3-4, 3-8)

1. Traceable costs:

$2,500,000

Cost

Percentage of Cost Directly

Traceable to Clients

Professional staff salaries …………………………..
$2,500,000 ………………………………. 80%

Administrative support staff ………………………..
300,000 ………………………………. 60%

Travel
………………………………………………………. 250,000
………………………………. 90%

Photocopying ……………………………………………
50,000 ………………………………. 90%

Other operating costs ………………………………..
100,000 ………………………………. 50%

Total
…………………………………………………….. $3,200,000
……………………………….

The firm’s partners desire to make a $640,000 profit for the
firm and plan to add a percentage

markup on total cost to achieve that figure.

On March 10, JLR completed work on a project for Martin
Manufacturing. The following costs

were incurred: professional staff salaries, $41,000;
administrative support staff, $2,600; travel, $4,500;

photocopying, $500; and other operating costs, $1,400.

Required:

1. Determine JLR’s total traceable costs for the upcoming
year and the firm’s total anticipated

overhead.

2. Calculate the predetermined overhead rate. The rate is
based on total costs traceable to client jobs.

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