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JOB ORDER COSTING PROBLEM Jonick Industries, Inc uses a job order costing system in manufacturing custom products The following table summarizes data related to production

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JOB ORDER COSTING PROBLEM Jonick Industries, Inc uses a job order costing system in manufacturing custom products The following table summarizes data related to production in June, the first month of operations (od Materials 200 700 1.000 200 500 600 800 500 Job Job 201 Job 202 Job 203 Job 204 Job 205 Job 206 Job 207 For general factory usel Factory Machine Salos Labor Hours Completed Price 800 3 yes 1.800 700 4 700 5 600 3 1,400 200 5 yes 1,300 100 4 yes 200 5 yes 200) "The factory overhead rate is $10 per machine hour. yes Complete the following transactions for Jonick Industries The transactions relate to one another. 1. Materials were purchased on account. $7,000 Debit Credit Dato Account 1 2. Materials were requisitioned (based on the information in the table above.) Debit Credit Date Account 2. 3. Factory labor was used (based on the information in the table above.) Debit Credit Account Date 3 4. Factory overhead costs were incurred on account $200 Date Account Debit Credit 4 $200 5. Depreciation of factory machinery and equipment Date Account Debit Credit 5 $10 6. The factory overhead rate, per machine hour Machine hours used appears in the table above. Date Account Debit Credit 6. 7. Jobs were completed. Date Account Debit Credit 7 8. Jobs were shipped to customers and inventory was adjusted. Debit Credit Date Account 8 9. Customers were billed on account for jobs sold Date Account Debit Credit 9 Determine the following amounts at the end of the first accounting period based on the journal entries above. 10. Ending balance in the Materials account 11. Cost so far of all uncompleted jobs 12. Cost of all jobs completed but not yet sold 13. Gross profit on all jobs that have been sold Determined during the next accounting period: 14. Actual factory overhead for the previous period: Account $520 Date Debit Credit 14

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