Accounting Assignment - Job Order

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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:

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.

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.