can someone please help me with the required steps 17 to 27, its my first time asking so i dont know how this works.... Ill really appreciate it thank you!

U abc x, x A A Painter Font Paragraph Custom Fabric Ventures is a small company that produces fabric-based wardrobe accessories (such as, handbags, scarves, and headbands) and home accessories (such as placemats, pillows, and window treatments). The company keeps a limited number of popular items in stock, but primarily produces custom orders. Customers are able to choose from a wide selection of styles, sizes, and fabrics for each type of product. Most of the company's customers are small boutiques, home dcor shops, and home- decorators who serve clientele with disceming tastes. As a result, customers expect high-quality products. The sales staff of Custom Fabric Ventures has just received the following order Custom Fabric Ventures Customer Order Form Customer: Katie's Boutique Order Date: 10/2/2012 Order Due Date: 10/15/2012 Description: Black& white Handbag Model Number Quantity Unit Sales Price Total BW14923 $75 $525 Due to its popularity, the Black and white Handbag (BW14293) is normally a stock item. However, the handbag is currently out of stock. Rather than producing only enough units to fill Katie's order, management would like to produce a job (Job 114) that is large enough to fill Katie's order and replenish atock The fabric used for this job can be stacked four layers deep for cutting, while still maintaining the quality and precision of the cut. Therefore, the company is able to realize some economies of scale by producing the handbags in muitiples of 4 Management would like to produce enough units in this job to have a minimum of 30 and a maximum of 35 handbags left in stock gfter Katie's order has been filled Your primary task is to determine the cost of producing Job 114 so that you can calculate the gross profit on the sale to Katie's Boutique. As part of this process, you will be required to schedule production, purchase any raw materials that aren't currently in stock, requisition materials for the job, and complete the job cost record. You will also be asked to consider relevant management and accounting issues and record the transactions related to this job in the company's accounting records The following step-by-step requirements will guide you through the entire job costing process. The documents you will encounter in this case are normally completed electronicaly rathar than manually in addition, these documents often interface with each other electronically in order to transfer data in real-time, eliminate tedious cplculations, and prevent errers. However, the underlying process is the same regardiess of whether the company uses electronic or manual documents. 2956 WORDS a e T No Spac... Title Subtitle Emphasis Heading 1 Heading 2 Subtle Em... Styles Req. 17: Calculate the amount of manufacturing overhead to allocate to Job 114. Show your calculations on the job cost record. Determine the total job cost as well as the cost of each Req. 18: Complete the job cost record. handbag in the job. Req. 19: The handbags have been moved out of the factory and into the finished goods warehouse to await shipment. Before the physical movement of the handbags, the job cost records served as a basis for valuing which inventory account on the balance sheet? the movement of the handbags, the job cost records serve as a basis for valuing which inventory After account? Req. 20: The handbags ordered by Katie's Boutique are shipped out on 10/14. Update the job cost record. what is the new balance in Finished Goods Inventory for this item? Req. 21: Calculate the gross profit on the sale to Katie's Boutique: Req. 22: Say Katie's Boutique has found an overseas manufacturer that would charge $45 per unit for the same handbag. Should Custom Fabric Ventures match the price of this competitor? Briefly explain your answer. Font Paragraph Req. 23: Would the cost of Job 114, as reported on the job cost record, have been different had the company used LFO ar Weighted Average, rather than FIFO, as its inventory flow assumption? Explain. Req. 24: Would the cost of Job 114, as reported on the job cost record, have been different had the company used "direct labor cost" as the MOH allocation base, rather than "direct labor hours"? Explain. Req. 25: Would the cost of Job 114, as reported on the job cost record, have been different had the company's production equipment been 6 years old, rather than 3 years old? Explain. Req. 26: The budgeted data for the year did not include employment benefits, such as paid time off, company-paid health insurance, or company-sponsored retirement plans. From an accounting standpoint, how should these costs be treated if they relate to selling and administrative personnel? How should they be treated if they relate to plant personnel? Through what mechanism(s) might these costs be assigned to jobs if they relate to employees working in the plant? Req. 27: As a manager, you always need to be thinking about how to decrease costs without sacrificing the quality of your products and services. Generate 3-5 specificideas this company could possibly implement for decreasing costs on similar jobs in the future. Note: General answers such as "spend less on labor" or "be more efficient" will not count. You must generate specific, realistic ond octionable recommendations managers could take to possibly decrease production costs related to similar jobs in the future. 56 WORDS a Paragraph Two Authorized Suppliers: JaAnne Fabrics and Hancack Fabrics JOAnne Fabrics-Commercial Division Price per yard Part Number Name Grrlor Green Floral $6.50 $3.25 $12.00 Funky Floral Jacobean FF620 J293 Denim Block Razzle Dazzle D8524 $8.50 RD590 $3.50 Aqua Tone Black & white Check Green Swirel Atone $2.75 Bwcheck GrSwird PICan $7.00 $9.50 Plastic Canvas $1.00 Interfacing- level 4 Interfacing-level 5 Rik Rak- Hot Pink Black beads Black Fringe Olive Green Strapping Int4 $4.00 Int 5 BRMPink BRead BEringe OGstrap $4.50 $2.75 $5.75 $3.00 $2.50 Black Shoulder Strapping BStrap $2.00 Hancack Fabrics- Commercial Division Part Number CPlaid BWcheck Pr620 Name Price per yard Country Plaid Black &white Check Funky Floral Denim Block Black & white Floral Razzle Dazzle $7.50 $9.00 $3.50 D8524 $8.75 BWFF $6.00 RO590 $4.25 Atone Aqua Tone S5.25 Contspb ws269 Contemporary Spheres Wavy Stripe Plastic Canvas Interfacing-level 4 Interfacing-level5 Rik Rak- Hot Pink $4.75 $5.50 piCan $1.00 S5.00 Int4 Int 5 54.75 BRHPink Bdaad 53.00 56.00 55.50 Back Beads Scalloped Trim Olive Green Strapping STB OGstrap $2.75 abx x, x A yA T Normal 1 No Spac. Heading 2 Heading 1 Ttle Subtitle Paragraph Styles Font Laber Time Recand Week 10/-10/15 Record 324 Cost playe Tye Dwdd Hourly wage rate: $1 Cate e Maerie Reced Start Time d Time Hs Desaigtian rapping Usee Cost nunber 11 111 Balence Cost 10/ 400 5:00 400 400 1.00 8.00 1200 8.00 egi U wber Tatal Date Uts Cos Total Ueits Tetal 20/10 514 114 10/11 10/12 9:00 $40 115 Labor Tame Record Week: 10/8-10/1S Record 325 Start Time End Time Hours Eployee: Kunde Hourly wage rate: 515 ob ember Cost Date S45 30 8.00 1000 1100 2Z001 4:00 113 4 Raw Materia Record 5130 134 Description emNo heets 10/13 200 400 590 Receed Used Balance Cost 900 7 Date Unt Total Cost Reqsti Ueits Number Total Cost Total Units sh 5OL152281 Labor Time Record Week 10/8-10/A5 Record #:326 ECos Employee Stephanie Berg Hourly wage rate: $12 Date Start Time 1 6nd Time Hours ob number 112 R00 200 10/8 5223 StO 100 800 10/12 114 4 9.00 100 54 Raw Material Record Rem No itt Description eterfacing Invel 4 Balance Cost Labor Time Recond Received Cost Used RequstionUnits Co Employee: Pam Braun Hourly wage rate: $18 Date Week: 10/ 10/as Record327 Cost Total Units Tetal ateUnits Total Number Job Start Time End Time Hours 50y A00 S mumber 4 SA.0 112 113 1100 $54 SETCT 5144 S72 572 L/30 400 12 00 14 800 4 W T e a S Font Paragraph Styles ob Cost Record lob Number Outomer or Stock ob description Date Startnd Quantity Raw Materiah Recond tem No. BWF Description: ack and White Roal Fabrc Used Cost Date Completed Recelved Ralance Date Uelts Cost Total Requistion Units umber Tatal Units Cost Tetal Malactring Cost ndomation Darect Materialst Materials Requisition Cost Summary S500 500 6 yds and cost) Direct Labor Ust labor timeTrecord# and cost Raw Materials Record Rem No. EWCheck Description: Black& White Checkered Fabric Used Cost Recelved Cost Balance Date Urits Requisition Number Total Units Total Units Cost Tetal 0/1 20 yd S8.00 5160 784 Manulacturing Overhead (how cakulation of amount allocated) 12 yds SAtT S4 00 8 yd S800 Yetal Job Co mber of units vnty Cost per Unin Sheping Information Eate Qaty Uremanng Cot alnce Raw Materials Record shipped em No Miese eventory Description Mack Fringe Trim Balance Cost Received Cast Used Date units Tetal Requisitionnits Cost Tetal Units Tetel Number $T00310 a e Styles Req. 1: Before the year began, Custom Fabric Ventures estimated the following costs for the year Estimated total cost for the year Type of Cost $210,000 Selling and Administrative salaries and expenses Direct Labor (Estimated 40,000 DL hours@ average wage rate of $12 per hour) Indirect plant labor 40,000 50,000 Plant utilities 1,400,000 120,000 Purchases of direct materials Lease and property taxes on the plant Marketing expenses 30,000 Depreciation on production equipment (Equipment originally costing $700,000 three year ago is being depreciated over a 5 year useful life using straight-line depreciation. No salvage value is expected.) 20,000 Indirect materials to be used in the plant First, fill in the missing costs. Then, calculate the company's predetermined manufacturing overhead rate, assuming the company uses direct lobor hours as its allocation base: Req.2: To realize maximum efficiency and meet management's desired level of stock, how many Black & White handbags should be produced in Job 114? Req. 3: The production engineers have given you the materias requirements for each Black & White handbag. Assume that no efficieacies in materials can be achieved by producing mare than one unit per batch. Complete the Bill of Materials for Job #114 found below. Be sure to include the quantity being well as the total quantity needed for eath direct material produced in the Job BILL OF MATERIALS JOB 114 Model: BW14923 Quantity: Part units Quantity Needed per unit Description Total Quantity Number needed awFF Bwcheck Black and White Floral Fabric 1/2 yard 4yard 1 yard 1 and R4 yad 1/4 sheet 1/2 yand lack and White Checkered Fabri Cock ingn Trim ck shoulder strappin Plastic Cam tertaing Lvel 4 soardiness rting 17ringe 5ap E EE AaBbCcD AaBbCcDc AaBbC AaBbCi AaBbC AaBbCcD AaE A A Aa 11 Subt Title Subtitle Heading 2 Heading 1 1 No Spac... T Normal u.ab x, x A- A- Styles Paragraph Font Reg & Consut the Raw Materials records to determine the types and quastties of materrials you eg 4 The production enginners have slse gven you the production labor requiements for each edidul bg produced, omuming one bog is produced at a time curently have in stock Detemine which types of meterials you need to purchese for lob 114 and how much of each you'll need Lst the materias that need to be purchased, along with the quantity of each needed Cuming time 30 minutes per bag Seaing tie 70minutes Irning tme8minutes per Sece each bag mat be sewn and ironed individually, no sraing and ironing labor efficiencies can be chinved by groducing larger batch s Recall, however, that fabric can be stacked for cutting prpes such that the material for four bags can be cut in the same amount of time it would take to cut one individual bag Compute the estimated labor tme quement for prodcing e 134 Res Complete the purchase onders (upplier, date needed, item number, quantity, cost, total, total for the whole order) assuming you are only buying what you need for this job, and no other jobs Your purchasing agent will need to check with your aauthorized suppliers JaAnne Fabrics and Hancack Fabri to determine the curnent sales grice of the materias No shipping is charged on purchanes arders over $5o Note: oth ppliers only allew you to ander in increment of 5 yards at ime, so you may have to buy e ittle mare then what you need This is not a problem for your company as it can aleays use large pieces of leftover material for ather jobs Cuntom Fabric Ventures ae has a standing contract with Mattel to produce clothing for the Barbie and Een ine of dolls Thus small fabric eants can alway be used for the toy clothing ne TOTAL hours rered for ob 114 Res 5 Use the estated labor me requirement te schedule grodution of Job 114, incing the sart and end dates Assume the plant will aready be openating ucapcty ery day while empleting 111, 112, and 113 Ae e that only 4 dicct laborers with the needed skll set wil be aalble for the job These houly emgloyes ae only allowed to works day se thut the compary masium of 8hours per avoid paying overtine gremi Parchase Onder Frodution Schedule For the month of October Stock or Customer Peth Sow Saple Date andee 30/ Date seeded by tern mber Mdel Guantity Scheded Start Date Sehebuded End date Cantity Cost per yad Tcar Cos eadsH4 14h pow F TO4 Seecal |100 S4 &We W aes&ock TOTAL Tnchae Sape Date andered 0 Dte seeded be ie Numbe adno the dit materiats hown n the il of Materiah wht ndit maeias might fatory whde 114 bing d tlt 2 ntity Cost per vand tatCost rduen pet be eeded for dng 4 Lnt leat TOTA iey eplain why yo che to purchne cetain materias rom each suppliie a W T Aa E 11 A A AaBbCcD AaBbCcDc AaBbC AaBbCi AaBbC AaBbCcD AaBa T No Spac.... Heading 1 A Title 1 Normal Subtle A Heading 2 Subtitle U abx x, x Styles Paragraph Font Reg 15: Start a Job Cost Record foar Job 114 Recond the direct materials aned by the job by reconding the materiahs requition number and the totel cost of materials requitioned eg 10 Asume shipments of all supples arrive on 10a9 Your receivingg personnel have checked the eceipts against the Parchase Order and Invoice, and have noted ne discrepancies in the ordered quantities or prices. Snce the company keeps perpetual imveretory receeds, updane the Raw Materia ecards for the aterials recelved and the new balance in stack. Update both the physical quantities and ensts. The company unes FFO as s inventary ow assuption. needed, keep track of separate Reg 16 Obtain the Labor Time Records for the week to determine how mach direct labor cost to assign to leb 114. Record the direct labor uned by the jeb by recording the lobor time recond eunbers, hours ientary price layers woted, ond total OL cast on the job cost necond Res 11: Assume for a momest that the Raw Material Reconds given to you repnesent a complete lst of the raw materials carried by the company f you were te look at the Balance Sheet at the close of business on Oct., what balance would be shown for Raw Materials Inventory? (Show the total balance and how you anived at it.5 Reg 17 Caloulate the amount of manufacturing overhead to allocate to Job 114. Show your calculations on the job cont record Re 18 Complete the job cost record. Detemine the total job cost as well as the cost of each handbag in the job Res 12 The scheduled start date for the job has anived n ander to bengin production the materials fer the jb are needed in the plant Production would lke to requition all needed materials at one tie Complete the Materials Requition (in the date, Job , and quantity needed so that the inventory storeraom personnel know the quantities and typs of material to pick Rea 19 The handbap have been moved out of the factory and into the finished goods warehouse to thipment Before the physical movemat of the handbags, the job cost reconds served as a basis for valuing which invetory account on the balance sheet? the movement of the handbags, the job nt records serve as a basis for valuing whh inentory wu Materias Reqution Number 86786 Ater Date Part Destion Quantity Neededi Unit Cost eumber and Whae Floi and Whae Checkered Fabri Re 20 The handbags ondened by Ke's outque are shipped out on 20/14 Update the job cst record What is the new balance in Finished Goods entory for this item Back Trnge Tri der stape Lac Cane el 4 rg Total Calulate the gros profit on the sale to Katie's Boutique e 21: 3The sore pianel comectle p the direct maria and se them totion st information n the Material Reauisition above, auming the company uss 0 ow asmtion Reg 22 Say te's Btioae has found an auers a the same handag Should Cantom Fabrie Veues mach cture that wod change 545 per t for eprice of this competitor? Briefly explain neany uss a perpetual iventory sestem what ee would normally be done at anwer eso eok at the Balance Sheet at the end of the day, what balance would be shown for Ra Maerias invetory? Caldate the total balance and show how you ared at S W T U abc x, x A A Painter Font Paragraph Custom Fabric Ventures is a small company that produces fabric-based wardrobe accessories (such as, handbags, scarves, and headbands) and home accessories (such as placemats, pillows, and window treatments). The company keeps a limited number of popular items in stock, but primarily produces custom orders. Customers are able to choose from a wide selection of styles, sizes, and fabrics for each type of product. Most of the company's customers are small boutiques, home dcor shops, and home- decorators who serve clientele with disceming tastes. As a result, customers expect high-quality products. The sales staff of Custom Fabric Ventures has just received the following order Custom Fabric Ventures Customer Order Form Customer: Katie's Boutique Order Date: 10/2/2012 Order Due Date: 10/15/2012 Description: Black& white Handbag Model Number Quantity Unit Sales Price Total BW14923 $75 $525 Due to its popularity, the Black and white Handbag (BW14293) is normally a stock item. However, the handbag is currently out of stock. Rather than producing only enough units to fill Katie's order, management would like to produce a job (Job 114) that is large enough to fill Katie's order and replenish atock The fabric used for this job can be stacked four layers deep for cutting, while still maintaining the quality and precision of the cut. Therefore, the company is able to realize some economies of scale by producing the handbags in muitiples of 4 Management would like to produce enough units in this job to have a minimum of 30 and a maximum of 35 handbags left in stock gfter Katie's order has been filled Your primary task is to determine the cost of producing Job 114 so that you can calculate the gross profit on the sale to Katie's Boutique. As part of this process, you will be required to schedule production, purchase any raw materials that aren't currently in stock, requisition materials for the job, and complete the job cost record. You will also be asked to consider relevant management and accounting issues and record the transactions related to this job in the company's accounting records The following step-by-step requirements will guide you through the entire job costing process. The documents you will encounter in this case are normally completed electronicaly rathar than manually in addition, these documents often interface with each other electronically in order to transfer data in real-time, eliminate tedious cplculations, and prevent errers. However, the underlying process is the same regardiess of whether the company uses electronic or manual documents. 2956 WORDS a e T No Spac... Title Subtitle Emphasis Heading 1 Heading 2 Subtle Em... Styles Req. 17: Calculate the amount of manufacturing overhead to allocate to Job 114. Show your calculations on the job cost record. Determine the total job cost as well as the cost of each Req. 18: Complete the job cost record. handbag in the job. Req. 19: The handbags have been moved out of the factory and into the finished goods warehouse to await shipment. Before the physical movement of the handbags, the job cost records served as a basis for valuing which inventory account on the balance sheet? the movement of the handbags, the job cost records serve as a basis for valuing which inventory After account? Req. 20: The handbags ordered by Katie's Boutique are shipped out on 10/14. Update the job cost record. what is the new balance in Finished Goods Inventory for this item? Req. 21: Calculate the gross profit on the sale to Katie's Boutique: Req. 22: Say Katie's Boutique has found an overseas manufacturer that would charge $45 per unit for the same handbag. Should Custom Fabric Ventures match the price of this competitor? Briefly explain your answer. Font Paragraph Req. 23: Would the cost of Job 114, as reported on the job cost record, have been different had the company used LFO ar Weighted Average, rather than FIFO, as its inventory flow assumption? Explain. Req. 24: Would the cost of Job 114, as reported on the job cost record, have been different had the company used "direct labor cost" as the MOH allocation base, rather than "direct labor hours"? Explain. Req. 25: Would the cost of Job 114, as reported on the job cost record, have been different had the company's production equipment been 6 years old, rather than 3 years old? Explain. Req. 26: The budgeted data for the year did not include employment benefits, such as paid time off, company-paid health insurance, or company-sponsored retirement plans. From an accounting standpoint, how should these costs be treated if they relate to selling and administrative personnel? How should they be treated if they relate to plant personnel? Through what mechanism(s) might these costs be assigned to jobs if they relate to employees working in the plant? Req. 27: As a manager, you always need to be thinking about how to decrease costs without sacrificing the quality of your products and services. Generate 3-5 specificideas this company could possibly implement for decreasing costs on similar jobs in the future. Note: General answers such as "spend less on labor" or "be more efficient" will not count. You must generate specific, realistic ond octionable recommendations managers could take to possibly decrease production costs related to similar jobs in the future. 56 WORDS a Paragraph Two Authorized Suppliers: JaAnne Fabrics and Hancack Fabrics JOAnne Fabrics-Commercial Division Price per yard Part Number Name Grrlor Green Floral $6.50 $3.25 $12.00 Funky Floral Jacobean FF620 J293 Denim Block Razzle Dazzle D8524 $8.50 RD590 $3.50 Aqua Tone Black & white Check Green Swirel Atone $2.75 Bwcheck GrSwird PICan $7.00 $9.50 Plastic Canvas $1.00 Interfacing- level 4 Interfacing-level 5 Rik Rak- Hot Pink Black beads Black Fringe Olive Green Strapping Int4 $4.00 Int 5 BRMPink BRead BEringe OGstrap $4.50 $2.75 $5.75 $3.00 $2.50 Black Shoulder Strapping BStrap $2.00 Hancack Fabrics- Commercial Division Part Number CPlaid BWcheck Pr620 Name Price per yard Country Plaid Black &white Check Funky Floral Denim Block Black & white Floral Razzle Dazzle $7.50 $9.00 $3.50 D8524 $8.75 BWFF $6.00 RO590 $4.25 Atone Aqua Tone S5.25 Contspb ws269 Contemporary Spheres Wavy Stripe Plastic Canvas Interfacing-level 4 Interfacing-level5 Rik Rak- Hot Pink $4.75 $5.50 piCan $1.00 S5.00 Int4 Int 5 54.75 BRHPink Bdaad 53.00 56.00 55.50 Back Beads Scalloped Trim Olive Green Strapping STB OGstrap $2.75 abx x, x A yA T Normal 1 No Spac. Heading 2 Heading 1 Ttle Subtitle Paragraph Styles Font Laber Time Recand Week 10/-10/15 Record 324 Cost playe Tye Dwdd Hourly wage rate: $1 Cate e Maerie Reced Start Time d Time Hs Desaigtian rapping Usee Cost nunber 11 111 Balence Cost 10/ 400 5:00 400 400 1.00 8.00 1200 8.00 egi U wber Tatal Date Uts Cos Total Ueits Tetal 20/10 514 114 10/11 10/12 9:00 $40 115 Labor Tame Record Week: 10/8-10/1S Record 325 Start Time End Time Hours Eployee: Kunde Hourly wage rate: 515 ob ember Cost Date S45 30 8.00 1000 1100 2Z001 4:00 113 4 Raw Materia Record 5130 134 Description emNo heets 10/13 200 400 590 Receed Used Balance Cost 900 7 Date Unt Total Cost Reqsti Ueits Number Total Cost Total Units sh 5OL152281 Labor Time Record Week 10/8-10/A5 Record #:326 ECos Employee Stephanie Berg Hourly wage rate: $12 Date Start Time 1 6nd Time Hours ob number 112 R00 200 10/8 5223 StO 100 800 10/12 114 4 9.00 100 54 Raw Material Record Rem No itt Description eterfacing Invel 4 Balance Cost Labor Time Recond Received Cost Used RequstionUnits Co Employee: Pam Braun Hourly wage rate: $18 Date Week: 10/ 10/as Record327 Cost Total Units Tetal ateUnits Total Number Job Start Time End Time Hours 50y A00 S mumber 4 SA.0 112 113 1100 $54 SETCT 5144 S72 572 L/30 400 12 00 14 800 4 W T e a S Font Paragraph Styles ob Cost Record lob Number Outomer or Stock ob description Date Startnd Quantity Raw Materiah Recond tem No. BWF Description: ack and White Roal Fabrc Used Cost Date Completed Recelved Ralance Date Uelts Cost Total Requistion Units umber Tatal Units Cost Tetal Malactring Cost ndomation Darect Materialst Materials Requisition Cost Summary S500 500 6 yds and cost) Direct Labor Ust labor timeTrecord# and cost Raw Materials Record Rem No. EWCheck Description: Black& White Checkered Fabric Used Cost Recelved Cost Balance Date Urits Requisition Number Total Units Total Units Cost Tetal 0/1 20 yd S8.00 5160 784 Manulacturing Overhead (how cakulation of amount allocated) 12 yds SAtT S4 00 8 yd S800 Yetal Job Co mber of units vnty Cost per Unin Sheping Information Eate Qaty Uremanng Cot alnce Raw Materials Record shipped em No Miese eventory Description Mack Fringe Trim Balance Cost Received Cast Used Date units Tetal Requisitionnits Cost Tetal Units Tetel Number $T00310 a e Styles Req. 1: Before the year began, Custom Fabric Ventures estimated the following costs for the year Estimated total cost for the year Type of Cost $210,000 Selling and Administrative salaries and expenses Direct Labor (Estimated 40,000 DL hours@ average wage rate of $12 per hour) Indirect plant labor 40,000 50,000 Plant utilities 1,400,000 120,000 Purchases of direct materials Lease and property taxes on the plant Marketing expenses 30,000 Depreciation on production equipment (Equipment originally costing $700,000 three year ago is being depreciated over a 5 year useful life using straight-line depreciation. No salvage value is expected.) 20,000 Indirect materials to be used in the plant First, fill in the missing costs. Then, calculate the company's predetermined manufacturing overhead rate, assuming the company uses direct lobor hours as its allocation base: Req.2: To realize maximum efficiency and meet management's desired level of stock, how many Black & White handbags should be produced in Job 114? Req. 3: The production engineers have given you the materias requirements for each Black & White handbag. Assume that no efficieacies in materials can be achieved by producing mare than one unit per batch. Complete the Bill of Materials for Job #114 found below. Be sure to include the quantity being well as the total quantity needed for eath direct material produced in the Job BILL OF MATERIALS JOB 114 Model: BW14923 Quantity: Part units Quantity Needed per unit Description Total Quantity Number needed awFF Bwcheck Black and White Floral Fabric 1/2 yard 4yard 1 yard 1 and R4 yad 1/4 sheet 1/2 yand lack and White Checkered Fabri Cock ingn Trim ck shoulder strappin Plastic Cam tertaing Lvel 4 soardiness rting 17ringe 5ap E EE AaBbCcD AaBbCcDc AaBbC AaBbCi AaBbC AaBbCcD AaE A A Aa 11 Subt Title Subtitle Heading 2 Heading 1 1 No Spac... T Normal u.ab x, x A- A- Styles Paragraph Font Reg & Consut the Raw Materials records to determine the types and quastties of materrials you eg 4 The production enginners have slse gven you the production labor requiements for each edidul bg produced, omuming one bog is produced at a time curently have in stock Detemine which types of meterials you need to purchese for lob 114 and how much of each you'll need Lst the materias that need to be purchased, along with the quantity of each needed Cuming time 30 minutes per bag Seaing tie 70minutes Irning tme8minutes per Sece each bag mat be sewn and ironed individually, no sraing and ironing labor efficiencies can be chinved by groducing larger batch s Recall, however, that fabric can be stacked for cutting prpes such that the material for four bags can be cut in the same amount of time it would take to cut one individual bag Compute the estimated labor tme quement for prodcing e 134 Res Complete the purchase onders (upplier, date needed, item number, quantity, cost, total, total for the whole order) assuming you are only buying what you need for this job, and no other jobs Your purchasing agent will need to check with your aauthorized suppliers JaAnne Fabrics and Hancack Fabri to determine the curnent sales grice of the materias No shipping is charged on purchanes arders over $5o Note: oth ppliers only allew you to ander in increment of 5 yards at ime, so you may have to buy e ittle mare then what you need This is not a problem for your company as it can aleays use large pieces of leftover material for ather jobs Cuntom Fabric Ventures ae has a standing contract with Mattel to produce clothing for the Barbie and Een ine of dolls Thus small fabric eants can alway be used for the toy clothing ne TOTAL hours rered for ob 114 Res 5 Use the estated labor me requirement te schedule grodution of Job 114, incing the sart and end dates Assume the plant will aready be openating ucapcty ery day while empleting 111, 112, and 113 Ae e that only 4 dicct laborers with the needed skll set wil be aalble for the job These houly emgloyes ae only allowed to works day se thut the compary masium of 8hours per avoid paying overtine gremi Parchase Onder Frodution Schedule For the month of October Stock or Customer Peth Sow Saple Date andee 30/ Date seeded by tern mber Mdel Guantity Scheded Start Date Sehebuded End date Cantity Cost per yad Tcar Cos eadsH4 14h pow F TO4 Seecal |100 S4 &We W aes&ock TOTAL Tnchae Sape Date andered 0 Dte seeded be ie Numbe adno the dit materiats hown n the il of Materiah wht ndit maeias might fatory whde 114 bing d tlt 2 ntity Cost per vand tatCost rduen pet be eeded for dng 4 Lnt leat TOTA iey eplain why yo che to purchne cetain materias rom each suppliie a W T Aa E 11 A A AaBbCcD AaBbCcDc AaBbC AaBbCi AaBbC AaBbCcD AaBa T No Spac.... Heading 1 A Title 1 Normal Subtle A Heading 2 Subtitle U abx x, x Styles Paragraph Font Reg 15: Start a Job Cost Record foar Job 114 Recond the direct materials aned by the job by reconding the materiahs requition number and the totel cost of materials requitioned eg 10 Asume shipments of all supples arrive on 10a9 Your receivingg personnel have checked the eceipts against the Parchase Order and Invoice, and have noted ne discrepancies in the ordered quantities or prices. Snce the company keeps perpetual imveretory receeds, updane the Raw Materia ecards for the aterials recelved and the new balance in stack. Update both the physical quantities and ensts. The company unes FFO as s inventary ow assuption. needed, keep track of separate Reg 16 Obtain the Labor Time Records for the week to determine how mach direct labor cost to assign to leb 114. Record the direct labor uned by the jeb by recording the lobor time recond eunbers, hours ientary price layers woted, ond total OL cast on the job cost necond Res 11: Assume for a momest that the Raw Material Reconds given to you repnesent a complete lst of the raw materials carried by the company f you were te look at the Balance Sheet at the close of business on Oct., what balance would be shown for Raw Materials Inventory? (Show the total balance and how you anived at it.5 Reg 17 Caloulate the amount of manufacturing overhead to allocate to Job 114. Show your calculations on the job cont record Re 18 Complete the job cost record. Detemine the total job cost as well as the cost of each handbag in the job Res 12 The scheduled start date for the job has anived n ander to bengin production the materials fer the jb are needed in the plant Production would lke to requition all needed materials at one tie Complete the Materials Requition (in the date, Job , and quantity needed so that the inventory storeraom personnel know the quantities and typs of material to pick Rea 19 The handbap have been moved out of the factory and into the finished goods warehouse to thipment Before the physical movemat of the handbags, the job cost reconds served as a basis for valuing which invetory account on the balance sheet? the movement of the handbags, the job nt records serve as a basis for valuing whh inentory wu Materias Reqution Number 86786 Ater Date Part Destion Quantity Neededi Unit Cost eumber and Whae Floi and Whae Checkered Fabri Re 20 The handbags ondened by Ke's outque are shipped out on 20/14 Update the job cst record What is the new balance in Finished Goods entory for this item Back Trnge Tri der stape Lac Cane el 4 rg Total Calulate the gros profit on the sale to Katie's Boutique e 21: 3The sore pianel comectle p the direct maria and se them totion st information n the Material Reauisition above, auming the company uss 0 ow asmtion Reg 22 Say te's Btioae has found an auers a the same handag Should Cantom Fabrie Veues mach cture that wod change 545 per t for eprice of this competitor? Briefly explain neany uss a perpetual iventory sestem what ee would normally be done at anwer eso eok at the Balance Sheet at the end of the day, what balance would be shown for Ra Maerias invetory? Caldate the total balance and show how you ared at S W T