The Deluxe Inc. uses job order costing procedures for the costing of various jobs that the company started during the year. The detail of these jobs and related cost data for the year ended December 2014 is given below; Material purchased during the year $350,000. Material return to supplier $50,000 Labor paid $550,000 The FOH control account shows the following information: Indirect Material $150,000 Indirect Labor $200,000 Factory rent $50,000 Depreciation $40,000 Other FOH $30,000 The detail of various jobs started during the year is as follows Costs Job-1 Job-2 Job-3 Direct Material 40% of total 30% 50% Direct Labor 20% 30% 30% Applied FOH 40% 40% 20% Total 2005,000 2005,000 2005,000 Total ? ? ? ? Job-1 started during the year, completed and sold to customers for $1750,000 Job-2 started during the year, completed but waiting for customer order. Job-3 started during the year, but not yet finished. The opening inventory of WIP is $20050 and finished goods inventory is $89000. a) Prepare necessary journal entries the information & transactions. b) Find out the value of CGM, COGS through T-accounts. c) What is the net profit and net profit margin of this company if Selling & Administrative expenses are 30% of sales? The Deluxe Inc. uses job order costing procedures for the costing of various jobs that the company started during the year. The detail of these jobs and related cost data for the year ended December 2014 is given below; Material purchased during the year $350,000. Material return to supplier $50,000 Labor paid $550,000 The FOH control account shows the following information: Indirect Material $150,000 Indirect Labor $200,000 Factory rent $50,000 Depreciation $40,000 Other FOH $30,000 The detail of various jobs started during the year is as follows Costs Job-1 Job-2 Job-3 Direct Material 40% of total 30% 50% Direct Labor 20% 30% 30% Applied FOH 40% 40% 20% Total 2005,000 2005,000 2005,000 Total ? ? ? ? Job-1 started during the year, completed and sold to customers for $1750,000 Job-2 started during the year, completed but waiting for customer order. Job-3 started during the year, but not yet finished. The opening inventory of WIP is $20050 and finished goods inventory is $89000. a) Prepare necessary journal entries the information & transactions. b) Find out the value of CGM, COGS through T-accounts. c) What is the net profit and net profit margin of this company if Selling & Administrative expenses are 30% of sales