Directions: After reading the scenario, complete the task below the scenario. Sc
ID: 2777763 • Letter: D
Question
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
$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
Machine Hours Used
601
320
602
225
603
300
604
285
605
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.
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
$32,400
Explanation / Answer
Gross Profit
Raw Materials inventory Account Payable 150000 Wip 139633 Overhead factory 5300 Closing bal 5067 150000 150000Related Questions
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