Jobs(K.Shs) Progress(K.Shs)Raw materials 80,000.00supplied fromstores32,000.00Wages100,000.00 40,000.00Chargeableexpenses10,000.004,000.00Materialsreturned tostores1,000.00The additional information are as follows:Factory overheads are 80% of wages.Office overheads are 25% of factory costand selling distribution overheads are 10%of cost of production. The complete jobsrealized Kshs. 410,000. You are required towrite up:i. Work- in-progress Ledger controlaccountii. Completed job ledger control accountandiii. Cost of sales account A) The following information for the yearended 31 December 2020 is obtainedfrom the books and records of afactory:stCompleted Work-in-Jobs(K.Shs) Progress(K.Shs)Raw materials 80,000.0032,000.00supplied fromstores100,000.00 40,000.00WagesChargeableexpenses|10,000.004,000.001,000.00Materialsreturned tostoresThe additional information are as follows:Factory overheads are 80% of wages.Office overheads are 25% of factory costand selling distribution overheads are 10%of cost of production. The complete jobs

Name: Jobs(K.Shs) Progress(K.Shs)Raw materials 80,000.00supplied fromstores
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Description: Jobs(K.Shs) Progress(K.Shs)Raw materials 80,000.00supplied fromstores32,000.00Wages100,000.00 40,000.00Chargeableexpenses10,000.004,000.00Materialsreturned tostores1,000.00The additional information are as follows:Factory overheads are 80% of wages.

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Business

Accounting

Jobs(K.Shs) Progress(K.Shs) Raw materials 80,000.00 supplied from stores 32,000.00 Wages 100,000.00 40,000.00 Chargeable expenses 10,000.00 4,000.00 Materials returned to stores 1,000.00 The additional information are as follows: Factory overheads are 80% of wages. Office overheads are 25% of factory cost and selling distribution overheads are 10% of cost of production. The complete jobs realized Kshs. 410,000. You are required to write up: i. Work- in-progress Ledger control account

Jobs(K.Shs) Progress(K.Shs) Raw materials 80,000.00 supplied from stores 32,000.00 Wages 100,000.00 40,000.00 Chargeable expenses 10,000.00 4,000.00 Materials returned to stores 1,000.00 The additional information are as follows: Factory overheads are 80% of wages. Office overheads are 25% of factory cost and selling distribution overheads are 10% of cost of production. The complete jobs realized Kshs. 410,000. You are required to write up: i. Work- in-progress Ledger control account

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.

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Question

Jobs(K.Shs) Progress(K.Shs)
Raw materials 80,000.00
supplied from
stores
32,000.00
Wages
100,000.00 40,000.00
Chargeable
expenses
10,000.00
4,000.00
Materials
returned to
stores
1,000.00
The additional information are as follows:
Factory overheads are 80% of wages.
Office overheads are 25% of factory cost
and selling distribution overheads are 10%
of cost of production. The complete jobs
realized Kshs. 410,000. You are required to
write up:
i. Work- in-progress Ledger control
account
ii. Completed job ledger control account
and
iii. Cost of sales account

A) The following information for the year
ended 31 December 2020 is obtained
from the books and records of a
factory:
st
Completed Work-in-
Jobs(K.Shs) Progress(K.Shs)
Raw materials 80,000.00
32,000.00
supplied from
stores
100,000.00 40,000.00
Wages
Chargeable
expenses
|10,000.00
4,000.00
1,000.00
Materials
returned to
stores
The additional information are as follows:
Factory overheads are 80% of wages.
Office overheads are 25% of factory cost
and selling distribution overheads are 10%
of cost of production. The complete jobs

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