ACCT 2113 Chapter 2 Job Order Cost Problem Hi Gloss Printing Company uses a job order cost system. The following data summarize the operations related to production for June, the first month of operations: a. (Pts. 4) Materials purchased on account, $43,500. b. (Pts. 18) Materials requisitioned and factory labor used, use one entry for materials and a separate entry for factory labor: Materials Factory Labor Job 101 $9,000 $5,700 Job 102 3,175 2,890 Job 103 5,200 3.100 Job 104 2,600 Job 105 8.500 4,060 Job 106 4.180 2,500 For general factory use 2,100 1,800 2,240 c. (Pts. 4) Factory overhead costs incurred on account, $10.800. d. (Pts. 4) Depreciation of machinery and equipment, $3,500 e. (Pts. 6) The factory overhead rate is $25 per machine hour Machine hours used: Machine Hours 250 95 195 Job 101 Job 102 Job 103 Job 104 Job 105 Job 106 Total SA 230 Pts6) Jobs completed: 101, 102, 104, and 105. Enable Editing les from the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View Job 106 Total 1,025 f. (Pts. 6) Jobs completed: 101, 102, 104, and 105. g (Pts. 12) Jobs were shipped and customers were billed as follows: Job 101, $29,000; Job 102, $10,400; Job 105, $20,600. Instructions Use the Excel file created to record your answers. Open the tab labeled Instr. 1 to record the Journal entries in Instruction # 1: open the tab labeled Instr. 2-3-4 to prepare the T accounts and schedules needed in Instructions #2-4. 1. Journalize the entries to record the summarized operations. A separate tab is prepared to show your calculations to determine the amounts to use in entries b, e, f, and g. The journal entries that require calculations to determine the entry amounts are worth more points, partial credit may be earned by showing your work 2. Post the appropriate entries to T accounts for Work in Process and Finished Goods, using the identifying letters as dates. Insert memorandum account balances as of the end of the month 3. Prepare a schedule of unfinished jobs to support the balance in the work in process account. 4. Prepare a schedule of completed jobs on hand to support the balance in the finished goods account