Accounting Assignment – Job Order

See attachment for clean copy

 

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.

 

 

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