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The Cambridge compan johs were in process: ls abor lactory overhead e was no inventory of F

The Cambridge compan johs were in process: ls abor lactory overhead e was no inventory of F

FINANCIAL ACCOUNTING
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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The Cambridge company uses job order costing. At the beginning.of May, twd johs were in process: Q.1. Job #369 Job # 372 Materials Rs.700 Ra.2,000 1,000 1,500 Direct labor Applied lactory overhead There was no inventory of Finished Goods on May 1. During the month. jobs # 373, 374, 375, 37o, 378 and 379 were started. Materials requisitions for May totaled Rs.13,000, and direct labor cost Rs. 10.000 and actual fo.h, Rs. 16.000, Factory overhead is applied at a rate of 150% of direct labur 300 450 cost. The only job still in Process(W.I,P) at the end of May is Job # 379, with costs of Rs.1,400 for materials aud Rs.900 Tor direct labor. Job # 376, the ouly finished job on hand at the end of May. has a total cost of Rs.2,000. REQUIRED: A- Prepare all necessary general journal entries B- Show all computations.
Transcribed Image Text:The Cambridge company uses job order costing. At the beginning.of May, twd johs were in process: Q.1. Job #369 Job # 372 Materials Rs.700 Ra.2,000 1,000 1,500 Direct labor Applied lactory overhead There was no inventory of Finished Goods on May 1. During the month. jobs # 373, 374, 375, 37o, 378 and 379 were started. Materials requisitions for May totaled Rs.13,000, and direct labor cost Rs. 10.000 and actual fo.h, Rs. 16.000, Factory overhead is applied at a rate of 150% of direct labur 300 450 cost. The only job still in Process(W.I,P) at the end of May is Job # 379, with costs of Rs.1,400 for materials aud Rs.900 Tor direct labor. Job # 376, the ouly finished job on hand at the end of May. has a total cost of Rs.2,000. REQUIRED: A- Prepare all necessary general journal entries B- Show all computations.
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