Posted: April 15th, 2016

When the job was transferred, 20 sheets were returned unused to raw material inventory,??/

The payment of dividends is an example of a cost.

a. True
b. False

Period costs are

a. found on the balance sheet.
b. found on the job order cost sheets.
c. not involved in the production process.
d. classified as direct labor, direct material, or factory overhead.

Problem 19-10
The Stamping Department accepted Job 051507A on May 15th to make 1,000 funnels.
To complete the job they requisitioned 1,100 sheets at $1.20 per sheet and 1,150 grommets at $0.15 per set.
The cost driver that the Stamping Department uses is drop-forge strokes which are counted on a machine mounted counter. $2.25 is applied as overhead for each drop-forge stroke. Additionally $375.00 of overhead is applied to each job due to setup and teardown.
Direct labor is applied at $22.50 per hour for the machine operator and $11.10 for the machine loader. The job required 6 1/2 hours of labor by the team.
When the job was complete Job 051507A was transferred to Semi-finished Goods Inventory (SFGI). When the job was transferred, 20 sheets were returned unused to raw material inventory, 75 grommet sets were returned, and there werudy