{"id":75567,"date":"2018-02-20T23:50:30","date_gmt":"2018-02-20T23:50:30","guid":{"rendered":"https:\/\/writemyessayfree.com\/ace-company_job-order-costing-2"},"modified":"2017-08-18T07:18:21","modified_gmt":"2017-08-18T07:18:21","slug":"ace-company_job-order-costing-2","status":"publish","type":"post","link":"https:\/\/www.benedictsol.com\/blogs\/ace-company_job-order-costing-2\/","title":{"rendered":"Ace Company_Job order costing"},"content":{"rendered":"<p><a class=\"ace-company_job-order-costing-7\/\"><\/a> <\/p>\n<p><strong>Question<\/strong><\/p>\n<table>\n<tbody>\n<tr>\n<td>At the beginning of 2014, Ace Company estimated the following costs to produce one unit of product: 5 pounds of direct material costing $2 per pound; and, 1.5 hours of direct labor costing $12 per hour. Ace also estimated annual factory overhead totaling $400,000, and 10,000 direct labor hours to be worked during the year. Job lot #112, containing 400 identical units, was completed and sold during June of 2014. Job lot #112 required 2,050 pounds of direct material costing $4,050, and 620 hours of direct labor costing $7,800. At the end of 2014, Ace determined total factory overhead to have been $410,000, and direct labor hours worked to have been 9,800. <\/p>\n<p>(a) What was the budgeted cost of job lot #112?<\/p>\n<p>(b) What is the \u201cnormal\u201d cost of job lot #112?<\/p>\n<p>(c) What is the \u201cprime\u201d cost of job lot #112?<\/p>\n<p>(d) What is the \u201cactual\u201d cost of job lot #112?<\/p>\n<p>(e) Distinguish \u201cnormal\u201d and \u201cactual\u201d cost?<\/p>\n<p>(f) Prepare the adjusting entry needed to reconcile the difference between normal and actual cost related to job lot #112?<\/p>\n<p>(g) Why was the adjusting entry needed?<\/p>\n<p><i><\/i><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Question At the beginning of 2014, Ace Company estimated the following costs to produce one unit of product: 5 pounds of direct material costing $2 per pound; and, 1.5 hours of direct labor costing $12 per hour. Ace also estimated <a href=\"https:\/\/www.benedictsol.com\/blogs\/ace-company_job-order-costing-2\/\" class=\"read-more\">Read More &#8230;<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-75567","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/75567","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/comments?post=75567"}],"version-history":[{"count":0,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/75567\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/media?parent=75567"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/categories?post=75567"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/tags?post=75567"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}