What are the proper steps to solve the following requirements? What are the best recommended answers?

Wilcon Industries Corp. estimated that factory overhead figures, should be charged at the rate of $250 per direct labor hour. Desired gross profit is 33.33% of selling price. The jobs worked on in January and February and the corresponding direct charges are as follows:

January:

Job Order No. 01: 2500 Narra chairs for Wesley

Ordered on January 5 and needed on February 10

Date Started: January 7

Date Finished: February 8

Job Order No. 02: 100 Mahogany bar stools for Sharpie

Ordered on January 8 and needed on January 30

Date Started: January 10

Date Finished: January 26

February:

Job Order No. 03: 100 Narra sala sets for HP Inc.

Ordered on February 10 and needed on March 20

Date Started: February 12

Job Order No. 04: 50 Mahogany and Narra beds for Kian Furniture

Ordered on February 15 and needed on March 31

Started: February 16

Direct Materials Issued:

Date

Job Order No.

Amount

January 7

01

$120,000

January 10

02

$60,000

January 12

01

$80,000

January 26

02

$30,000

Date

Job Order No.

Amount

February 5

01

$55,000

February 12

03

$155,000

February 16

04

$82,000

February 21

04

$26,000

February 28

03

$58,000

Direct Labor costs per time tickets:

Date

Job Order No.

Labor Hours

Amount

January 6-11

01

500

$18,000

02

300

$12,000

January 13-19

01

1,000

$30,000

02

1,200

$46,000

January 20-26

01

800

$27,000

02

2,000

$38,000

January 27-28

01

500

$16,000

Date

Job Order No.

Labor Hours

Amount

February 3-9

01

1,200

$41,000

February 10-16

03

2,100

$40,500

04

100

$4,000

February 17-23

03

1,600

$58,000

04

1,200

$43,000

February 24-28

03

700

$25,000

04

550

$19,500

Solve for the following:

1.Cost Sheets

2.Necessary Journal Entries

3.T-Accounts for Work in process for January and February

4.Proof of Work in process inventory, January 31

5.Statement ofcost of goods manufactured for February (Supported by Job Order Cost).