The following figures have been extracted from the department P of Q Ltd. Direct material used $ 20000 Direct Wages S 30000 Total overheads allocated to this department are $25000. On an order the department carried outjob no. 163. The details ofjob no. 163 are as follows: Direct material used $ 600 Direct Wages S 1200 Find out the overhead amount absorbed on job no. 163 under each of the following methods 1) Percentage on direct material cost basis. (ii) Percentage on prime cost basis.

The following figures have been extracted from the department P of Q Ltd. Direct material used $ 20000 Direct Wages S 30000 Total overheads allocated to this department are $25000. On an order the department carried outjob no. 163. The details ofjob no. 163 are as follows: Direct material used $ 600 Direct Wages S 1200 Find out the overhead amount absorbed on job no. 163 under each of the following methods 1) Percentage on direct material cost basis. (ii) Percentage on prime cost basis.

Name: The following figures have been extracted from the department P of Q
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Description: The following figures have been extracted from the department P of Q Ltd.Direct material used $ 20000Direct Wages $ 30000Total overheads allocated to this department are $25000.On an order the department carried outjob no. 163. The details ofjob no.

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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Required information [The following information applies to the questions displayed below.] The following information is available for ADT Company, which produces special-order security products and uses a job order costing system. Overhead is applied using a predetermined overhead rate of 55% of direct labor cost. Inventories Raw materials Work in process Finished goods Beginning of period End of Period $ 27,000 $ 54,000 9,600 60,000 19,900 34,700 Cost incurred for the period Raw materials purchases $ 179,000 Factory payroll 150,000 Factory overhead (actual) Indirect materials used 13,000 Indirect labor used Other overhead costs 34,500 103,500 1. Incurred other actual overhead costs (all paid in Cash). 2. Applied overhead to work in process. Prepare journal entries for the above transactions for the period.
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