(Comprehensive) Jackson Construction Company uses a job order costing system. In May 2008, Jackson made a $1,650,000 bid to build a pedestrian overpass over the beach highway in Gulfport, Mississippi. Jackson Construction won the bid and assigned #515 to the project. Its completion date was set at December 15, 2008. The following costs were estimated for completion of the overpass: $620,000 for direct material, $335,000 for direct labor, and $201,000 for overhead.

During July, direct material cost assigned to Job #515 was $60,900, and direct labor cost associated with it was $87,520/ The firm uses a predetermined OH rate of 60 percent of direct labor cost.
Jackson Construction also worked on several other jobs during July and incurred the following costs:Direct material (including job #515)$289,650 Direct labor (including job #515 292,000 Indirect labor 27,900 Administrative salaries and wages 19,800 Depreciation on construction equipment 13,200 Depreciation on office equipment 3,900 Client entertainment (on accounts payable) 5,550Advertising for firm (paid in cash) 3,300 Indirect material (from supplies inventory) 9,300 Miscellaneous expenses (design related; to be paid in the following month) 5,100 Accrued utilities (for office, $900; for construction,$2,700) 3,600. During July, Jackson Construction completed several jobs that had been in process before the beginning of the month. These completed jobs generated $612,000 of revenues for the company. The related job cost sheets showed costs associated with those jobs of $414,500. At the beginning of July, Jackson Construction had Work in Process Inventory of $435,900. a.Prepare a job order cost sheet for Job #515, including all job details, and post the appropriate cost information for July.
b.Prepare journal entries for the preceding information.
c.Prepare a Cost of Goods Manufactured Schedule for July for Jackson Construction Company
d.Assuming that the company pays income tax at a 40 percent rate, prepare an income statement for Jackson Construction Company.

a. To prepare a job order cost sheet for Job #515, we need to include the following job details and cost information for July:

- Direct material cost: $60,900 (from the question)
- Direct labor cost: $87,520 (from the question)
- Overhead cost: 60% of direct labor cost = 60% * $87,520
- Total cost for Job #515: Direct material cost + Direct labor cost + Overhead cost

b. To prepare journal entries for the preceding information, we need to consider the various costs incurred by Jackson Construction during July:

1. Direct material cost:
Debit: Work in Process Inventory - Job #515
Credit: Accounts Payable

2. Direct labor cost:
Debit: Work in Process Inventory - Job #515
Credit: Salaries and Wages Payable

3. Overhead cost:
Debit: Work in Process Inventory - Job #515
Credit: Manufacturing Overhead Applied (Calculated based on predetermined OH rate)

4. Other costs:
Debit: Various accounts (e.g., Indirect labor, Administrative salaries and wages, Depreciation on construction equipment, etc.)
Credit: Accounts Payable or Cash (depending on the payment method)

c. To prepare a Cost of Goods Manufactured Schedule for July, we need to calculate the following:

1. Beginning Work in Process Inventory (from the question)
2. Add: Direct material cost assigned to Job #515 during July (from the question)
3. Add: Direct labor cost assigned to Job #515 during July (from the question)
4. Add: Overhead cost assigned to Job #515 during July (calculated based on predetermined OH rate)
5. Add: Other direct material and labor costs incurred during July (from the question)
6. Add: Other indirect costs incurred during July (e.g., Indirect labor, Depreciation, etc.)
7. Total Costs: Sum of all the above costs
8. Less: Ending Work in Process Inventory (if provided)

d. To prepare an income statement for Jackson Construction Company, we need to consider the following:

1. Revenues generated from completed jobs in July (from the question)
2. Cost of Goods Sold: Sum of Job costs from completed jobs in July (from the question)
3. Gross Profit: Revenues - Cost of Goods Sold
4. Less: Other operating expenses (e.g., administrative expenses, client entertainment, advertising, etc.)
5. Net Income: Gross Profit - Operating Expenses

By following these steps, you should be able to prepare the requested job order cost sheet, journal entries, cost of goods manufactured schedule, and income statement for Jackson Construction Company.