ACC-650 Week 1 Assignment 1 | Grand Canyon University | Assignment Help
- Grand Canyon University / ACC-650
- 12 May 2021
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ACC-650 Week 1 Assignment 1 | Grand Canyon University | Assignment Help
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.
Problem
2–37
Question
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.)
Question
2
What
major asset will normally be insignificant for service enterprises and
relatively substantial for retailers, wholesalers, and manufacturers? Briefly
discuss
Question
3
Briefly
explain the major differences between income statements of service enterprises
versus those of retailers, wholesalers, and manufacturers.
Problem 3-47
|
1 |
Determine JLR’s total traceable costs for the upcoming year and the
firm’s total anticipated overhead. |
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Traceable costs are those costs which can be directly traced to
particular product produced or service rendered. 1. Calculate the
traceable costs: |
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2 |
Calculate the predetermined overhead rate. The rate is based on total
costs traceable to client jobs. |
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Predetermined overhead rate = (Anticipated overheads / Total
anticipated costs traceable to client jobs) |
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3 |
What percentage of cost will JLR add to each job to achieve its profit
target? |
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4 |
Determine the total cost of the Martin Manufacturing project. How much
would Martin be billed for services performed? |
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5 |
Notice that only 50 percent of JLR’s other operating cost is directly
traceable to specific client projects. Cite several costs that would be
included in this category and difficult to trace to clients. |
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6 |
Notice that 80 percent of the professional staff cost is directly
traceable to specific client projects. Cite several reasons that would
explain why this figure isn’t 100 percent. |
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Save your assignment (Word) as Lastname_FirstnameACC650_T1.docx.
Save your assignment (Excel) as Lastname_FirstnameACC650_T1.xlsx.
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