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 2,890 Job 103 3,100 Job 104 2,240 Job 105 8,500 4,060 Job 106 4,180 2,500 For general factory use 2,100 1,800 Job 102 3 175 200 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 103 Job 106 Total 1,025 TUL Hory use 2,100 1,800 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 230 170 1.025 f (Pts. 6) Jobs completed: 101, 102, 104, and 105. 8. (Pts. 12) Jobs were shipped and customers were billed as follows: Job 101, $29,000: Job 102, 510,400; 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 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