The Corner Market has fixed costs of $1,600, depreciation of $1,200, a tax rate of 35%, and a cost of capital of 12%. Variable c
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If Cycle Gear Corporation has incurred the following costs on job number W456, an order for 20 special sprockets to be delivered at the end of next month .
The direct materials and direct labor costs listed in the exercise would have been recorded on four different documents: the materials requisition form for Job W456, the time ticket for Jamie Unser, the time ticket for Melissa Chan, and the job cost sheet for Job W456.
When material is needed to finish a specific job, it is withdrawn from the store according to job costing.
The Material Requisition Form, which authorizes such withdrawal and specifies the types and quantity of material, can be used to withdraw material.
The costs of the materials to be recorded in the material requisition form are as follows:
Request No. 15673 - 40 Titanium Blanks at $20 Each = $800
Request number 15678: 420 nibs multiplied by 1.75 equals $735
Time sheet of Jamie Unser -
3 hrs and 45mints * 12.60 = $ 47.25 [ 45/60 = 0.75, ( 3+.75) x 12.60 = 47.25)
Time sheet of Mellissa Chan -
3 hrs and 15 mints * 13.20 = $ 42.90
The direct materials and direct labor costs listed in the exercise would have been recorded on four different documents: the materials requisition form for Job W456, the time ticket for Jamie Unser, the time ticket for Melissa Chan, and the job cost sheet for Job W456.
Question: Cycle Gear Corporation has Incurred the following costs on job W456, an order for 20 special sprockets to be delivered at the end of next month: Direct materials: • On April 10, requisition number 15673 was Issued for 40 titanlum blanks to be used in the special order. The blanks cost $20 each. On April 11, requisition number 15678 was Issued for 420 hardened nibs also to be used In the special order. The nibs cost $1.75 each. Direct labour: • On April 12, Jamle Unser worked from 1:00 a.m. until 2:45 p.m. on job W456. He is pald $12.60 per hour. • On April 18, Mellssa Chan worked from 8:15 a.m. until 1130 a.m. on job W456. She is pald $13.20 per hour. Required: 1. On what documents would these costs be recorded?
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