Instructions
To complete this assignment, include the following information in a document:
Determine Panoramic Paint Company’s predetermined overhead application rate.
Prepare journal entries to record the following transactions:
The issuance of direct material to production and the direct labor incurred.
The manufacturing overhead incurred during the quarter.
The application of manufacturing overhead to production.
The completion of the four jobs.
Your journal entries should be prepared by placing the name of the account to be debited near the margin and the name of the account to be credited indented from the margin. Dollar amounts debited should be to the left and dollar amounts credited should be to the right. An example of debit to a cash account and a credit to the sales account as recorded in a journal entry is shown below.
Cash $10,000
Sales $10,000
Briefly describe in no more than 2 paragraphs the difference between process and job-order costing.
Grading
Your assignment is worth 40 points and will be graded according to the following rubric:
10 Points – Overhead Application Rate. You have correctly determined the company’s overhead application rate for the accounting period.
20 Points – Journal Entries. You will receive 5 points for each correct journal entry, for a total possible of 20 points. A correct entry will include the appropriate accounts with their respective debit and credit amounts.
10 Points – Difference Between Costing Methods. You have accurately explained the difference between job-order and process costing.
Note: Up to five points may be deducted form your total score for the improper use of formatting in the journal entries or poor spelling and grammar in your writing.
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