Cost of a Manufacturing Product- Job Costing System

Cost of a Manufactured Product-Job Costing System Robert Perez is a contractor specializing in custom-built Jacuzzis. Perez uses the Job Order Cost system. As of May 1, 2018, Perez has incurred the following costs for each of the jobs listed belovw STINER HERMAN DM$ 2,500 ALTON DM S 2,000 DM 900 800 560 TOTAL: $ 2,260 2000 DL DL FOH DL 1,200 FOH1,400 TOTAL 5,900 TAL S 400 TOTAL:S 2260 During May, Perez incurs the following costs below. Perez begins one job during the month of May (Smith) and completes the other three during the course of the month (Stiner, Alton, and Herman). Factory Overhead is charged (allocated or applied) to jobs on the basis of $.70 per dollar of direct labor hours. t cost MATERIALSM TIME LSE St FOH TICKETS (ALLOCATED) ALTON S HERMAN SMITH $ 500.00 $ 400.00 600.00 1,000.00 2,300.00 S 1,300.00 1,900.00 S 2,300.00 Determine the total cost of each of the completed jobs in the space below: HERMAN DM DL FOH TOTAL: STINER ALTON DM DL FOH TOTAL DM DL FOH TOTAL:- V. A What is the total amount left in the Work in Process account at the end of May? Hint: use the job cost sheet for open job(s)) SMITH DM DI TOTAL: Determine the amount of gross profit for each of the completed jobs, assuming they were sold for $13,000 each to the customer. Actual FOH costs are itemized below. Compare the amount of applied/allocated FOH for this period to the actual costs below and evaluate whether FOH is over or under-applied. Consider the impact of disposal of the under/overapplied amount and its impact on total Gross Profit (and Net Income) for Perez Company for the month of May Indirect Materials Indirect Labor Other FOH 1,50000 $ 2,000.00$ 1,400.00 FOH is -, applied by s_ After disposal of the over/underapplied FOH, what is the company's gross profit