The Cambridge Company uses Job Order Costing. AT the beginning of May, two jobs were in process: Materials. JOB 369 Rs. 2,000 JOB 372 Rs. 700 Direct Labour. 1,000 300 Applied Factory Overhead.. 1,500 450 There was no inventory of Finished Goods on May 1. During the month, Jobs 373,374, 375, 376,378 and 379 were started. Materials requisitions for May totaled Rs. 13,000, Direct Labour cost, Rs. 10,000 and Actual Factory Overhead Rs. 16,000. Factory Overhead is applied at the rate of 150% of Direct Labour Cost. The only job still in process at the end of May is No. 379, with cost of Rs. 1,400 for materials and Rs. 900 for direct labour. Job 376, the only finished job on hand at the end of May, has a total cost of Rs. 2,000. REQUIRED a) T accounts for Work in Process, Finished Goods, Cost of Goods Sold, Factory Overhead Control and Applied Factory Overhead. [MU:E3] General journal entries to record: Cost of goods manufactured. ii) Cost of goods Sold. Closing of over or underapplied factory overhead to Cost of Goods Sold. b) i) iii)

The Cambridge Company uses Job Order Costing. AT the beginning of May, two jobs were in process: Materials. JOB 369 Rs. 2,000 JOB 372 Rs. 700 Direct Labour. 1,000 300 Applied Factory Overhead.. 1,500 450 There was no inventory of Finished Goods on May 1. During the month, Jobs 373,374, 375, 376,378 and 379 were started. Materials requisitions for May totaled Rs. 13,000, Direct Labour cost, Rs. 10,000 and Actual Factory Overhead Rs. 16,000. Factory Overhead is applied at the rate of 150% of Direct Labour Cost. The only job still in process at the end of May is No. 379, with cost of Rs. 1,400 for materials and Rs. 900 for direct labour. Job 376, the only finished job on hand at the end of May, has a total cost of Rs. 2,000. REQUIRED a) T accounts for Work in Process, Finished Goods, Cost of Goods Sold, Factory Overhead Control and Applied Factory Overhead. [MU:E3] General journal entries to record: Cost of goods manufactured. ii) Cost of goods Sold. Closing of over or underapplied factory overhead to Cost of Goods Sold. b) i) iii)

Name: The Cambridge Company uses Job Order Costing. AT the beginning of May
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Description: The Cambridge Company uses Job Order Costing. AT the beginning of May, two jobs werein process:JOB 369JOB 372Rs. 700Materials........Rs. 2,000Direct Labour............1,000300Applied Factory Overhead...............1,500450There was no inventory of F

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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02.
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