Case 4: Deloitte Furniture Limited provide manufacturing of chairs, seats, office furniture, shop furniture, kitchen furniture and mattresses. Job order costing system is followed in the business for the clients. In the month of January 2020, the company has received four jobs from their clients. The job service cards for each service was labeled as X110, Y120, 2130 and V140. Job number completed by the company are Y120, Z130 and V140 out of which job number Y 120 was shipped and customers were billed for RO 5,000. To undertake these orders the company purchased material amounting to RO 30,000, factory overhead cost incurred on account for these jobs was RO 1,500, Depreciation of machinery amounted to RO 1,250 and company incurred factory overhead rate at 50% of direct material cost. Material demanded and factory labor used for the jobs are as follows: Job No. X110 Y120 Z130 V140 General Factory Expenses Material 1,500 2,200 1,750 2,000 1,770 Direct Labor 3,000 1,900 2,500 1,850 2,500 You are asked to pass necessary journal entries to record the information summarized below and find out profit or loss for the completed and shipped jobs. (15 Marks)