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Caterpillar Inc. uses job costing for its machinery production. The following information is provided for Job No. 305: Direct materials: $200,000 Direct labor: $150,000 Manufacturing

Caterpillar Inc. uses job costing for its machinery production. The following information is provided for Job No. 305:
•Direct materials: $200,000
•Direct labor: $150,000
•Manufacturing overhead applied: $100,000
Required:
1.Calculate the total cost of Job No. 305.
2.Prepare the journal entries to record the costs associated with Job No. 305.
3.Discuss the advantages of job costing for Caterpillar's production process.

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