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35 2 Entry for jobs completed; cost of unfinished jobs The following account appears in the Work in Process ledger prior to recognizing the jobs completed in August: Balance, August 1 Direct materials Direct labor Factory overhead $60,000 325,000 462,000 210,000 Jobs finished during August are summarized as follows: 36 37 38 39 40 41 42 43 441 45 46 47 48 49 50 51 52 53 54 55 56 57 58 Job 210 Job 216 Job 224 Job 230 $197,800 240.000 160,000 364,000 a. Journalize the entry to record the jobs completed. Date Account Debit Credit a. 59 b. Determine the cost of the unfinished jobs at August 31. 3 Inventory balance amounts; gross profit Factory Based in the information below, answer the following questions about Jonick industries for August, its first month of operations. (only ifsold) Machine Sales Job Materials Labor Hours Completed? Price Job 201 $12,000 $ $7,700 40 yes $32,800 Job 202 9.300 3,600 30 yes Job 203 4,100 11,200 70 no Job 204 3.100 2.800 50 yes Job 205 7,400 9,100 60 yes 28,300 Job 206 5,800 3,100 20 no For general factory use 4,800 5.800 Factory overhead is applied at a rate of $20 per machine hour. Gross profit for August Work in process, August 31 Finished goods, August 31 4 Predetermined factory overhead rate 60 61 62 63 64 65 66 67 | 68 69 70 71 72 73 74 75 76 77 78 79 80 81_) 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 | 98 99 100) 101 102 103 1041 105 106) 107 108 109 1101 111) 112 1131 Spring Street Engine Shop uses a job order cost system to determine the cost of performing engine repair work. Estimated costs and expenses for the coming period are as follows: Engine parts Factory direct labor Factory equipment depreciation Factory supervisor salaries Factory property taxes Factory supplies Advertising expense Administrative office salaries Administrative office depreciation expense Total costs and expenses $875,000 660,000 44,500 138,000 27,500 10,000 22, 100 , 73,500 8.600 21.060.209 The average direct labor rate paid to factory employees is $30 per hour. Determine direct materials Determine direct labor $ Determine total factory overhead costs incurred. $ Determine the predetermined shop overhead rate per direct labor hour. $

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