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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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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