General Instruction i. Follow the instruction carefully. ii. You must write your Full name, ID Number and Section. iii. Neat and Clean handwriting has positive effect on your Assignment. Submitted To:_ Submission Date: III Course: Accounting and Finance for Managers Group Assignment 2: Job Order and Process Costing Systems Do not forget to use the logo of MARYLAND INTERNATIONAL COLLEGE, write the title of the report, andinsert members of the group (name and ID) Part I: Job Order Costing System KF Plc uses a job order cost system. The following data summarize the operationsrelated to production forMarch, the first month of operations: A. Materials purchased on account, Br45,000. B. Materials requisitioned and factory labor used: Materials Factory Labor Job 301 Br1,850 Br2,500 302 3,150 7,220 303 2,200 5,350 304 1,800 2,400 305 4,230 6,225 306 1,770 2,900 For general factory use 1,200 5,000 C. Factory overhead costs incurred on account, Br1,800. D. Depreciation of machinery and equipment, Br2,500. E. The factory overhead rate is Br30 per machine hour. Machine hours used: Job 301 302 303 304 305 306 Total Machine Hours 30 60 41 63 70 36 300 F. Jobs completed: 301, 302, 303, and 305. G. Jobs were shipped and customers were billed as follows: Job 301, Br8,500; Job 302, Br16,150; Job303, Br13,400 Instructions 1. Journalize the entries to record the summarized operations. 2. Post the appropriate entries to T accounts for Work in Process and Finished Goods, using the identifying letters as transaction codes. Insert memo account balances as of the end of the month. 3. Prepare a schedule of unfinished jobs to support the balance in the work in process account. 2 4. Prepare a schedule of completed jobs on hand to support the balance in the finished goodsaccount. Formula Total job cost = Direct materials + direct labor + applied overhead Conversion cost = Direct labor (DL) + Applied overhead 25000 DL+15000 (30*500) Direct Labor 10000 Prime cost = Direct materials (DM) + Direct labor 20000 DM+10000 1% 15 Direct Material=10000