Question: GL0201 (Algo) - Based on Problem 2-2A LO P1, P2, P3, P4 Jones Company shows the following costs for three jobs worked on in April.

 GL0201 (Algo) - Based on Problem 2-2A LO P1, P2, P3,
P4 Jones Company shows the following costs for three jobs worked on
in April. Additional Information a. Raw Materiais Imventory has a March 31
balance of $81,000. b. Raw materials purchases in April are $500,400, and
total factory payroll cost in Aprit is $365,200. c. Actual overhead costs

GL0201 (Algo) - Based on Problem 2-2A LO P1, P2, P3, P4 Jones Company shows the following costs for three jobs worked on in April. Additional Information a. Raw Materiais Imventory has a March 31 balance of $81,000. b. Raw materials purchases in April are $500,400, and total factory payroll cost in Aprit is $365,200. c. Actual overhead costs incurred in April are indirect materials, $50,200; indirect labor, $23,200; factory rent, $32,200; factory utilities, $19,200; and factory equipment depreciation, $51,400. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $590,000 cash in April. Complete this question by entering your answers in the tabs below. Calculate the amount of overhead to be applied to each of the joos worked on during April. Then, using the drop-downs, indicate which account in the ledger should include the job's costs as of April 30 . Complete this question by entering your answers in the tabs below. Calculate the amount of overhead to be applied to cach of the fobs worked on during April. Then, using the drop-downs, in which account in the ledger should include the job's costs as of April 30 . Complete this question by entering your answers in the tabs below. Prepare a schedule of cost of goods manufactured for Jones Company for the month of Aprili. Additional Information a. Raw Materials inventory has a March 31 balance of $81,000. b. Raw materials purchases in April are $500,400, and total factory payroll cost in April is $365,200. c. Actual overhead costs incurred in April are indirect materials, $50, 200; indirect labor, $23,200; factory ren utilities, $19,200; and factory equipment depreciation, $51,400. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $590,000 cash in Aprit. Complete this question by entering your answers in the tabs below. Select the accounts used in the calculation of gross profit. Enter the amount of gross profit for Jones Compan month of April

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!