hey please help thanku John Manufacturing Company manufactures one product that has several model styles. All materials are added at the beginning ofproduction. Manufacturing overhead is applied as a percentage of direct labor cost. On January 1, 20X1, one job, DE31, was in process,with the following accumulated costs:MaterialsDirect laborManufacturing overhead.Total$10,0005,0001,000$16,000The beginning finished goods inventory for John Manufacturing Company on January 1, 20X1, was $30,000.The following additional data is given for the month of January:Total labor costs incurredTotal cost of completed Job DE31Total materials costs incurred$40,00021,00023,000In addition, Job JA01 was begun and completed during the month. Its costs included materials of $10,000 and labor of $4,000. JobJA02 was begun during the month and was in process at the end of the month. During the month, sales were $100,000, and the grossprofit rate was 40 percent.Required:1. For Jobs DE31, JA01, and JAO2, calculate the cost of materials, labor, and overhead for the month of January to find the total cost ofeach job.2. Prepare a schedule of cost of goods sold for the month of January.Analyze:On January 1, 20X1, John Manufacturing Company established a goal to hold raw materials costs at or below 48 percent of total jobcosts. Based on your computations, has the company attained this goal?

Name: hey please help thanku John Manufacturing Company manufactures one pro
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: hey please help thanku John Manufacturing Company manufactures one product that has several model styles. All materials are added at the beginning ofproduction. Manufacturing overhead is applied as a percentage of direct labor cost. On January 1, 20X