Question: the problem is attached. please help with solution. Job Order Cost Problem (This project is worth 5% of your grade.) Directions: After reading the scenario,

the problem is attached. please help with solution.

the problem is attached. please help with solution. Job Order Cost Problem

Job Order Cost Problem (This project is worth 5% of your grade.) 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 601 602 603 604 605 General Factory Use MATERIALS $32,400 $21,300 $28,400 $26,308 $31,225 $5,300 LABOR $19,300 $15,200 $17,500 $16,395 $18,422 $32,400 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 601 602 603 604 605 f) Jobs completed: Machine Hours Used 320 225 300 285 312 #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

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!