This assignment is due Thursday December 5th at 8 am and any help would be greatly appreciated. Requirements are below!

1. Use T-accounts to track product cost flows through Raw Materials, Work In Process, Finished Goods, Manufacturing Overhead, and COGS. Remember to use the inventory accounts as control accounts only!

2. Set up job cost sheet for Jobs 1010, 1011, 1012, and 1013 and record manufacturing costs. Attach a separate schedule showing manufacturing overhead costs were calculated for each job.

3. Calculate any over or under-applied overhead

4. Determine the ending balances of the inventory accounts that would appear on the balance sheet at the end of the accounting period assuming over or under-applied overhead is closed to COGS.

5. Prepare an income statement for the current accounting period assuming over or under-applied overhead is closed to COGS

Bids for the following jobs were submitted by J & B Company and accepted by customers: Job 1010-1,850 units Job 1011 - 1,750 units Job 1012 - 2,000 units Job 1013 - 1,500 units Manufacturing overhead J & B uses activity-based costing to apply manufacturing overhead to each job. J&B estimated the following overhead costs and expected activity for each cost pool: Toon Estimated overhead cost OH Expected Activity Activity cost pool Activity measure Depreciation Number of units $ 10,650 7,100 units Inspection Number of inspections $2,400 48 inspections Machine setup Number of setups $28,400 142 setups Supervision Direct labor hours (DLH) $35,500 7,100 DLH Supplies Direct material costs $26,700 $133,500 Utilities Machine hours (MH) $ 14,200 3,550 MH Beg wip At the beginning of the month, Job 1010 had 800 completed units at a cost of $50,650. Jobs 1011, 1012, and 1013 were started during the month. Jobs 1010 and 1011 were completed during the month, and Job 1010 was sold during the month. Actual results at the end of the month are as follows: Job 1010 1,050 Number of units produced Job 1011 1,750 Job 1012 1,150 Job 1013 500 Number of setups 40 10 Machine hours 525 MH 900 MH 570 MH 265 MH Number of inspections 12 14 3 Direct labor hours 1,050 DLH 1,775 DLH 1,125 DLH 525 DLH J & B started the current accounting period with the following general ledger balances: Raw materials ..... . .......... $16,000 Work in process (Job 1010)........................ 50,650 Finished goods ........ -0- The following transactions occurred during the month: 1. Raw materials purchased on account......! ........ $250,000 2. Raw materials requisitioned for production 010....................................... $31,500 Job 1011...... 52,500 Job 1012... 34,500 Job 1013..... 15,000 Indirect materials ...... 26,700 $160,200 3. Labor costs incurred Job 1010.. $21,000 Job 1011 ...... 35,500 Job 1012...... 22,500 Job 1013................... . Indirect labor wages.................... 35,500 Sales and administrative wages and salaries 220,000 $345,000 4. Utility costs incurred Factory facilities .................. $20,250 Sales and administrative offices ....... 8.750 $29,000 5. Recorded depreciation Factory equipment..... $ 6,675 Sales and administrative offices......... 11,000 $17,675 10,500 Soo-supervisors 6. Incurred advertising costs ........................ $8,000 7. Applied manufacturing overhead costs to jobs using activity-based costing. 8. Job 1010 and Job 1011 were completed and transferred to finished goods. 9. Job 1010 was sold on account for $371,500