## ACC-650 Week 1 Assignment 1 | Grand Canyon University | Assignment Help

ACC-650 Week 1 Assignment 1 | Grand Canyon University | Assignment Help

Job-Order Costing

Complete Problems 2-37 and 3-47 in the textbook.

Complete Problem 2-37 in a Word document and Problem 3-47 in Excel. Please note, you must show your work in Excel, which includes providing the formulas in the cells, not just the summary value. You may not earn full points if you do not show your work in detail.

Problem 2–37

Question 1

Evaluate the costs just cited and determine whether the associated dollar amounts would be found on the firm’s balance sheet, income statement, or schedule of cost-of-goods-manufactured. (Note: In some cases, more than one answer will apply.)

Question 2

What major asset will normally be insignificant for service enterprises and relatively substantial for retailers, wholesalers, and manufacturers? Briefly discuss

Question 3

Briefly explain the major differences between income statements of service enterprises versus those of retailers, wholesalers, and manufacturers.

Problem 3-47

 1 Determine JLR’s total traceable costs for the upcoming year and the firm’s total anticipated overhead. Traceable costs are those costs which can be directly traced to particular product produced or service rendered. 1. Calculate the traceable costs:

 2 Calculate the predetermined overhead rate. The rate is based on total costs traceable to client jobs. Predetermined overhead rate = (Anticipated overheads / Total anticipated costs traceable to client jobs) 3 What percentage of cost will JLR add to each job to achieve its profit target? 4 Determine the total cost of the Martin Manufacturing project. How much would Martin be billed for services performed? 5 Notice that only 50 percent of JLR’s other operating cost is directly traceable to specific client projects. Cite several costs that would be included in this category and difficult to trace to clients. 6 Notice that 80 percent of the professional staff cost is directly traceable to specific client projects. Cite several reasons that would explain why this figure isn’t 100 percent.

Save your assignment (Word) as Lastname_FirstnameACC650_T1.docx.

Save your assignment (Excel) as Lastname_FirstnameACC650_T1.xlsx.

You are not required to submit this assignment to LopesWrite.

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