The following information is from the materials requisitions and time tickets for job 9-1005 completed by great bay boats. the requisitions are identified by code numbers starting with the letter q, and the time tickets start with w. at the start of the year, management estimated that overhead cost would equal 110% of direct labor cost for each job. date document amount 7/1 q-4698 $ 1,250 7/1 w-3393 600 7/5 q-4725 1,000 7/5 w-3479 450 7/10 w-3559 300 determine the total cost on the job cost sheet for job 9-1005.

$1,350.

Explanation:

Concepts and reason

Job order Costing: It is a method of cost accounting, in which cost is collected and accumulated for each job, work order, or project separately. Especially the job order costing is followed in organizations where customized goods are produced.  

Direct materials: Direct materials are the raw materials which are directly related with the production of the goods.

Direct labor cost: The labor cost includes the wages or salaries paid to employees who physically produce goods or services.

Overhead costs: The costs, which do not relate directly with the manufacturing of products, are referred to as overhead costs or indirect costs.

Fundamentals

Total job cost is the total of total direct material cost, total direct labor cost and total overhead cost.

The formula to calculate the total cost for job is shown below:

Total cost for job = {Total direct material cost +

                                    Total direct labor cost+

                                 Total overhead cost}

Total overhead cost is calculated by multiply total direct labor cost with percentage of direct labor cost.  

The formula to calculate the total overhead cost is shown below:

Totaloverheadcost=   (Totaldirectlaborcost

                               × )

Calculate total direct labor cost:

Totaldirectlaborcost = (  DocumentW3393

                                       +DocumentW3479

                                       +DocumentW3559 )

  =$600+$450+$300

=$1,350

Therefore, the total direct labor cost is $1,350.

inconclusion:

It is mentioned to calculate the total cost on the job cost sheet for Job 9-1005. Thus, it is calculated on the basis of total direct labor cost. Total direct labor cost is the total of all the direct labor cost incurred for the completion of the job. Here, labor costs of document W3393 are $600; document W3479 is $450 and document W3559 is $300. So, total direct labor cost is $1,350.

The total cost of job is calculated as the sum of direct materials, direct labor and overhead costs associated for the job. The overhead costs should be calculated at 110% of the direct labor.

⇒ Direct Material

Date         Requisition         Cost

7/1             Q-4698               $1,250

7/5            Q-4725               $1,000

                            TOTAL = $2,250

⇒ Direct Labour

Date         Time Ticket         Cost

7/1             W-3393               $600

7/5            W-3479               $450

7/10           W-3559              $300                  

                             TOTAL = $1,350

⇒ Overhead cost is 110% of Direct labour cost for each job given

Total labour cost of the job is $1,350

Overhead cost = $1,350 x 110%

                          = $1,485

TOTAL OVERHEAD COST = Direct Material + Direct Labour + Overhead

TOC = $2,250 + $1,350 + $1,485

TOC = $5,085

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