0% Plagiarism Guaranteed & Custom Written

What was gross profit for January? (Show supporting work.)

01 / 10 / 2021 Assignment

This paper circulates around the core theme of What was gross profit for January? (Show supporting work.) together with its essential aspects. It has been reviewed and purchased by the majority of students thus, this paper is rated 4.8 out of 5 points by the students. In addition to this, the price of this paper commences from £ 99. To get this paper written from the scratch, order this assignment now. 100% confidential, 100% plagiarism-free.

Example Manufacturing Company uses a job order
costing system. The following information summarizes its operations related to
production for January, its first month of operations.

A. Purchased production materials on account,
$82,000.

B. Production materials of $79,600 were
requisitioned to the factory for the five jobs started in January and for
general factory use as follows:

Job

Materials

Job No. 1001

$10,300

Job No. 1002

13,670

Job No. 1003

11,200

Job No. 1004

18,800

Job No. 1005

21,900

General factory use


3,730


$79,600

C. Factory labor costs of $65,400 were
incurred. The employee time tickets provided the following:

Job

Factory Labor

Job No. 1001

$ 8,300

Job No. 1002

10,250

Job No. 1003

9,200

Job No. 1004

15,300

Job No. 1005

17,400

General factory use

4,950


$65,400

D. Factory overhead is allocated to jobs at a rate
of $40 per machine hour. Machine hours used were:

Job

Machine Hours

Job No. 1001

54

Job No. 1002

72

Job No. 1003

58

Job No. 1004

90

Job No. 1005

96


370

E. Depreciation on the factory machinery and
equipment was $6,500.

F. Factory overhead costs incurred on account were
$8,300.

G. Jobs 1001, 1002 and 1004 were completed.

H. Jobs 1001 and 1002 were shipped and the customers
were billed $24,000 for job 1001 and $31,000 for job 1002.

REQUIRED:

Part 1: Prepare a schedule summarizing manufacturing
costs by job incurred in January. Use the following columns and provide
column totals.

Job Direct
Materials Direct
Labor
Factory Overhead
Total

Part 2: What are the January 31 balances for
each of the following accounts? Support your answers by indicating the
jobs in that balance.

Work in Process
Inventory

Finished Goods
Inventory

Cost of Goods
Sold

Part 3: What was cost of goods manufactured
for January? (Show supporting work.)

Part 4: What was gross profit for
January? (Show supporting work.)



International House, 12 Constance Street, London, United Kingdom,
E16 2DQ

Company # 11483120

Benefits You Get

  • Free Turnitin Report
  • Unlimited Revisions
  • Installment Plan
  • 24/7 Customer Support
  • Plagiarism Free Guarantee
  • 100% Confidentiality
  • 100% Satisfaction Guarantee
  • 100% Money-Back Guarantee
  • On-Time Delivery Guarantee
FLAT 50% OFF ON EVERY ORDER. Use "FLAT50" as your promo code during checkout