The computer workstation furniture manufacturing that santana rey

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Allied American University

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ACC 227: Principles of Accounting II

Module 5 Homework Assignment

Directions: Please use an Excel Spreadsheet to present your homework (note: if you have a Mac, you may use Pages). Accounting homework cannot be accomplished in Microsoft Word. Please use the presentations that have been provided with the course as reference. Also, you may use the Generic Working Papers Excel Workbook found in the Course Resources to complete this assignment. Please visit the Course Resources section. Please note that you may have additional written homework alongside these application assignments.

Please complete the following exercises found at the end Chapter 19:

Problem Set A: Problem 19-4A

Problem Set B: Problem 19-3B

Beyond the Numbers: BTN 19-9

Serial Problem: SP 19, Business Solutions (course-long project)

Please complete the following exercises found at the end Chapter 20:

Problem Set B: Problem 20-1B

Beyond the Numbers: BTN 20-2

Beyond the Numbers: BTN 20-9

COURSE-LONG PROJECT DIRECTIONS: This course contains a course-long project in which you will work on a variety of problems in regards to a computer services company called Business Solutions. Each module will build upon one another, so it is important to complete each part successfully.

Please note that there are 8 total parts to the course-long project. You will have 1 week to complete each part.

This course-long project is a serial problem taken from your textbook. You can view the problem starting in Chapter 13. It will continue through Chapter 25. Please use the Generic Working Papers Excel Workbook found in the Course Resources to complete this project.

COURSE-LONG PROJECT: PART V (Modules 5)

Scenario: On October 1, 2015, Santana Rey launched a computer services company, Business Solutions, that is organized as a proprietorship and provides consulting services, computer system installations, and custom program development. Rey adopts the calendar year for reporting purposes and expects to prepare the company’s first set of financial statements on December 31, 2015.

Chapter 19: Serial Problem: SP 19, Business Solutions

Please complete the following:

The computer workstation furniture manufacturing that Santa Rey started in January is progressing well. As of the end of June, Business Solutions’s job cost sheets show the following costs accumulated on three furniture jobs.

Job 602 was started in production in May, and these costs were assigned to it in May: direct materials, $600; direct labor, $180; and overhead, $90. Jobs 603 and 604 were started in June. Overhead cost is applied with a predetermined rate based on direct labor costs. Jobs 602 and 603 are finished in June, and Job 604 is expected to be finished in July. No raw materials are used indirectly in June. (Assume this company’s predetermined overhead rate did not change over these months.)

Required

What is the cost of the raw materials used in June for each of the three jobs and in total?

How much total direct labor cost is incurred in June?

What predetermined overhead rate is used in June?

How much cost is transferred to Finished Goods Inventory in June?