More accounting problems coming your way, if you are available.


Question Description:

35

More accounting problems coming your way, if you are available. Looking for Accounting help for T Accounts to determine GP. Its a Job Order Cost System problem. Please take a look if available. Looking for full solutions.TY 1 page Job_Order_Cost_Problem.docx 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. Read more

Answer

35