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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 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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Job No. 601
Total cost 320*50 Job No. 602
67,700 Materials
Overhead 225*50
Total cost Job No. 604

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