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I am stuck on 10 through 13. Not understanding how I can get this answer. Can someone explain the answers? Check my work Jones Co.'s
I am stuck on 10 through 13. Not understanding how I can get this answer. Can someone explain the answers?
Check my work Jones Co.'s March 31 inventory of raw materials is $90,000. Raw materials purchases in April are $570,000, and factory payroll cost in April is $389,000. Overhead costs incurred in April are: indirect materials, $91,000; indirect labor, $29,000; factory rent, $63,000; factory utilities, $23,000; and factory equipment depreciation, $53,000. The predetermined overhead rate is 70% of direct labor cost. Job 306 is sold for $680,000 cash in April. Costs of the three jobs worked on in April follow. 10 points Job 306 Job 307 Job 308 $ 33,000 24,000 16,800 $ 41,000 20,000 14,000 eBook Balances on March 31 Direct materials Direct labor Applied overhead Costs during April Direct materials Direct labor Applied overhead Status on April 30 139,000 93,000 226,000 160,000 $104,000 107,000 References Finished (sold) Finished (unsold) In process Complete this question by entering your answers in the tabs below. Requirement General Journal General Ledger Trial Balance Job Costs Cost of Goods Mfg Gross Profit 10 g. Record the transfer of Jobs 306 and 307 to Finished Goods Inventory. 11 h. Record the cost of goods sold for Job 306. 12 . Record the revenue from the cash sale of Job 306. 13 j. Record the assignment of any underapplied or overapplied overhead to the Cost of Goods Sold account. (The amount is not material.)Step by Step Solution
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