I need help with this practice problem.
JobOrder Cost Problem
Directions:
After reading the scenario, complete the task below the scenario.
Scenario:
Just4U Company uses a job order cost system. The following data summarize the operations related to production for the month of January 20xx.
a) Materials purchased on account: $150,000
b) Materials requisitioned and Factory labor used:
|
JOB ORDER |
MATERIALS |
LABOR |
||
|
601 |
$32,400 |
$19, 300 |
||
|
602 |
$21,300 |
$15,200 |
||
|
603 |
$28,400 |
$17,500 |
||
|
604 |
$26,308 |
$16,395 |
||
|
605 |
$31, 225 |
$18,422 |
||
|
General Factory Use |
$5,300 |
c) Factory overhead costs incurred on account: $34,500
d) Depreciation of machinery and equipment: $5,100
e) The factory overhead rate is $50 per machine hour.
|
Job Order |
Machine Hours Used |
|
320 |
|
| 225 | |
| 300 | |
|
285 |
|
|
312 |
f) Jobs completed: #601, #603, #605
g) Jobs shipped and billed: #601: $113,200, #605: $88,350
Task:
Prepare the proper t-accounts and show all balances and DETERMINE GROSS PROFIT.
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