Question

Check my work Jones Co.'s March 31 inventory of raw materials is $90,000. Raw materials purchases in April are $570,000, and factory payroll cost in April is $389,000. Overhead costs incurred in April are: indirect materials, $91,000; indirect labor, $29,000; factory rent, $63,000; factory utilities, $23,000; and factory equipment depreciation, $53,000. The predetermined overhead rate is 70% of direct labor cost. Job 306 is sold for $680,000 cash in April. Costs of the three jobs worked on in April follow. 10 points Job 306 Job 307 Job 308 $ 33,000 24,000 16,800 $ 41,000 20,000 14,000 eBook Balances on March 31 Direct materials Direct labor Applied overhead Costs during April Direct materials Direct labor Applied overhead Status on April 30 139,000 93,000 226,000 160,000 $104,000 107,000 References Finished (sold) Finished (unsold) In process Complete this question by entering your answers in the tabs below. Requirement General Journal General Ledger Trial Balance Job Costs Cost of Goods Mfg Gross Profit

I am stuck on 10 through 13. Not understanding how I can get this answer. Can someone explain the answers?  

Answer 1

10 ) g

Job -306

Finished goods Inventory-Job 306 Dr. 370,900   

Work in process inventory-Job 306 Cr 370,900

( Being transfer from Work in process account to Finished goods as completed the process - JOB N- 306)

Job-307  

Finished goods Inventory-Job 307 Dr. 573,000   

Work in process inventory-Job 307 Cr 573,000

( Being transfer from Work in process account to Finished goods as completed the process - JOB N- 307)

11.h

Cost of goods Sold Dr. 370,900

Finished good Job 306 Cr. 370,900

( Being the cost transferred to cost of goods sold of the goods for Job 306 account as the goods sold

12 I. Cash Dr. 680,000

Sales Cr. 680,000

(Being the goods sold for cash of the goods from Job 306)

13 J Cost of Goods Sold Dr. 1400

Overhead Cr 1400

(Being the under absorbed overhead transferred to Cost of Goods sold Account)

Calculation of Under absorbed overhead

Total overheads
Indirect materials	91,000
Indirect Labour	29,000
Factory Rent	63,000
Factory Utilities	23,000
Factory Equipment depreciation	53,000
Total overheads	259,000
Total labour cost (93000+160000+107000)	368000
Absorbed overhead (70% of labour cost)	257600
Under absorbed overhead (259000-257600)	1400