Job Order Costing Problem Jonick Industries Inc Uses A Job Order Costing System In Manufacturing Custom Products The Fo 1 (65.64 KiB) Viewed 31 times
Job Order Costing Problem Jonick Industries Inc Uses A Job Order Costing System In Manufacturing Custom Products The Fo 2 (52.53 KiB) Viewed 31 times
Job Order Costing Problem Jonick Industries Inc Uses A Job Order Costing System In Manufacturing Custom Products The Fo 3 (43.35 KiB) Viewed 31 times
JOB ORDER COSTING PROBLEM Jonick Industries, Inc uses a job order costing system in manufacturing custom products The following table summarizes data related to production in June, the first month of operations (only) Factory Machine Sales Job Materials Labor Hours Completed Price Job 201 200 800 3 yes 1.800 Job 202 700 700 Job 203 1,000 700 5 Job 204 200 600 3 1,400 Job 205 500 200 5 yes 1,300 Job 206 600 100 4 yes Job 207 8001 200 5 yes For general factory use 500 200 "The factory overhead rate is $10 per machine hour. yes Complete the following transactions for Jonick Industries The transactions relate to one another. 1. Materials were purchased on account. $7,000 Debit Credit Dato Account 1 2. Materials were requisitioned (based on the information in the table above.) Debit Credit Date Account 2. 3. Factory labor was used (based on the information in the table above.) Date Account Debit Credit 3
4. Factory overhead costs were incurred on account $200 Date Account Debit Credit 4 $200 5. Depreciation of factory machinery and equipment Date Account Debit Credit 5. $10 6. The factory overhead rate, per machine hour Machine hours used appears in the table above. Date Account Debit Credit 6. 7. Jobs were completed. Date Account Debit Credit 7. 8. Jobs were shipped to customers and inventory was adjusted. Account Debit Date Credit 8
9. Customers were billed on account for jobs sold Date Account Debit Credit 9. Determine the following amounts at the end of the first accounting period based on the journal entries above. 10. Ending balance in the Materials account 11. Cost so far of all uncompleted jobs 12. Cost of all jobs completed but not yet sold 13. Gross profit on all jobs that have been sold Determined during the next accounting period: 14. Actual factory overhead for the previous period: $520 Date Account Debit Credit 14
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