The Quick Shop produces a variety of products using the equipment in their factory. They use...

  

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The Quick Shop produces a variety of products using the equipment in their factory. They use job order costing and apply manufacturing overhead on the basis of machine hours worked using a predetermined overhead rate. During 2019, The Quick Shop expects to incur $260,000 of manufacturing overhead. They expect to work 10,400 machine hours. On January 1, 2019, The Quick Shop had one Job #AA110 in the factory. The job cost sheet for Job # AA110 shows that $5,400 of direct material had been used on the job in 2018. Direct labor used on the job in 2018 was $1,050 and manufacturing overhead applied to the job in 2018 was $3,450. Production was started on three jobs during January: #AA111, #AA112, #AA113. Material requisitioned during January was as follows: $800 for #AA110 $6,700 for #AA111 $4,900 for #AA112 $3,100 for #AA113 Direct labor incurred during January was as follows: $300 for #AA110 $1,500 for #AA111 $900 for #AA112 $500 for #AA113 Machine hours worked during January were as follows: 80mh on #AA110 260mh on #AA111 150mh on #AA112 110mh on #AA113 Manufacturing Overhead incurred during January was as follows: $13,600 of depreciation on plant and equipment $500 of insurance on the plant $3,100 of utilities, and $3,700 of indirect labor. Job #AAI 10, which was completed during January, consisted of 40 units. Job # AA111, which was also completed during January, consisted of 70 units. Jobs #AA112 and #AA113 were not completed during January. REQUIRED: Using Excel complete the following requirements: 1. Create a new Excel Workbook with Six (6) worksheets for this assignment and save the workbook in the following format "LastName_FirstName_Exercise_1" 2. Worksheet #1: Create a Data Dictionary sheet in the workbook. Be sure to include all the important items that a user of the workbook could refer to. 3. Worksheet # 2: Then, create a master data worksheet. Specifically, this worksheet should have all the given information related to materials, labor, machine hours, production, sales and overhead for each job. Any change made to the information in this data sheet should influence the subsequent worksheets. 4. Worksheet # 3 -6: Create four worksheets or a job cost sheet for each job and appropriately link it to the information in the data sheet (i.e., Worksheet #2). The job cost sheet should be well formatted and must include: a. The job number b. The time frame c. The beginning and ending balances After creating the Six (6) worksheets mentioned above, answer questions 5-7 below. 5. What is The Quick Shop's over- or under-applied overhead at the end of January? 6. What was the balance of The Quick Shop's Work-in-Process account on January 1, 2019? 7. What was the balance of The Quick Shop's Work-in-Process account on January 31, 2019? The Quick Shop produces a variety of products using the equipment in their factory. They use job order costing and apply manufacturing overhead on the basis of machine hours worked using a predetermined overhead rate. During 2019, The Quick Shop expects to incur $260,000 of manufacturing overhead. They expect to work 10,400 machine hours. On January 1, 2019, The Quick Shop had one Job #AA110 in the factory. The job cost sheet for Job # AA110 shows that $5,400 of direct material had been used on the job in 2018. Direct labor used on the job in 2018 was $1,050 and manufacturing overhead applied to the job in 2018 was $3,450. Production was started on three jobs during January: #AA111, #AA112, #AA113. Material requisitioned during January was as follows: $800 for #AA110 $6,700 for #AA111 $4,900 for #AA112 $3,100 for #AA113 Direct labor incurred during January was as follows: $300 for #AA110 $1,500 for #AA111 $900 for #AA112 $500 for #AA113 Machine hours worked during January were as follows: 80mh on #AA110 260mh on #AA111 150mh on #AA112 110mh on #AA113 Manufacturing Overhead incurred during January was as follows: $13,600 of depreciation on plant and equipment $500 of insurance on the plant $3,100 of utilities, and $3,700 of indirect labor. Job #AAI 10, which was completed during January, consisted of 40 units. Job # AA111, which was also completed during January, consisted of 70 units. Jobs #AA112 and #AA113 were not completed during January. REQUIRED: Using Excel complete the following requirements: 1. Create a new Excel Workbook with Six (6) worksheets for this assignment and save the workbook in the following format "LastName_FirstName_Exercise_1" 2. Worksheet #1: Create a Data Dictionary sheet in the workbook. Be sure to include all the important items that a user of the workbook could refer to. 3. Worksheet # 2: Then, create a master data worksheet. Specifically, this worksheet should have all the given information related to materials, labor, machine hours, production, sales and overhead for each job. Any change made to the information in this data sheet should influence the subsequent worksheets. 4. Worksheet # 3 -6: Create four worksheets or a job cost sheet for each job and appropriately link it to the information in the data sheet (i.e., Worksheet #2). The job cost sheet should be well formatted and must include: a. The job number b. The time frame c. The beginning and ending balances After creating the Six (6) worksheets mentioned above, answer questions 5-7 below. 5. What is The Quick Shop's over- or under-applied overhead at the end of January? 6. What was the balance of The Quick Shop's Work-in-Process account on January 1, 2019? 7. What was the balance of The Quick Shop's Work-in-Process account on January 31, 2019?

Answer rating: 100% (QA)

Answer to Question 5 The Quick Shops underapplied overhead at the end of January is 1850 Answer to Question 6 The balance of The Quick Shops WorkinProcess account on January 1 2019 was 9450 Answer to ... View the full answer