Ac420, Problem 5-38

Problem 5-38 Name:

Fill in the shaded cells in columns B, C, E, G, and I as appropriate. Enter amounts to be

subtracted as negatives. An asterisk (*) will appear if you have entered incorrect data.

The journal entry accounts will be choosen from a drop-down list.

a. Job Cost Sheet - Job #515

Customer Name and Address: Description of Job: Prepare

City of Gulfport site, build and install a

Gulfport, Mississippi pedestrian overpass in

Gulfport; see bid

specifications for details.

Contract Agreement Date: 5/2008

Scheduled Starting Date: 7/1/2008

Agreed Upon Completion Date: 12/15/2008 Contract Price: $1,650,000

Actual Completion Date:

Special Instructions: None

Direct Materials (Est.): $620,000

Date Source Cost

2008

July 31 Summary of material req. $61

Direct Labor (Est.): $335,000 Overhead (Est.): $201,000

Date Source Source Cost Date Source Source Cost

2008 2008

July 31 Summary of time sheets July 31 Journal entry of

sheets for direct for direct labor $87,520 7/31/08 $52,512

Summary (as of 7/31/08)

Actual Budget Under(Over)

Direct material $60,900.00 $620,000

Direct labor $87,520.00 $335,000.00

Overhead $52,512.00 $201,000.00

Totals $200,932.00 $1,156,000

b. Journal Entries

Work in Process Job - #515 60,900

Work in Process - Other Jobs 228,750

Direct Materials...