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.
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- Click on 'Place Your Order' tab on the menu or click on 'Order Now' tab at the bottom and a new order page will appear
- Fill in your requirements depending on your needs under the 'PAPER DETAILS' area
- In the next section, fill in the academic level, required number of pages, paper deadline as provided in the drop-down menus.
- To enter your registration details, click on 'CREATE ACCOUNT & SIGN IN'. This step allows you to create an account with us for purposes of record-keeping. Click on 'PROCEED TO CHECK OUT' at the bottom of the page
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