j20 P. 13.3 The Rathi Engineering Company Ltd manufactures special-purpose small machines to order. In the beginning of the year, there were two jobs in process, namely, Job No. 100 and Job No. 101. The following costs were applied to these jobs in the previous year: Job 100 Job 101 Direct materials 225,000 340,000 Direct labour 20,000 15.000 Overheads 22 200 16.650 67,200 71,650 During January of the current year, the following transactions took place: 1. Raw materials costing 2,00,000 were purchased on account. 2. Supplies costing 40,000 were purchased for cash. 3. Jobs 102, 103 and 104 were started and the following costs applied to them: Job 102 Job 103 Job 104 Direct materials 215,000 250,000 135,000 Direct labour 25,000 30,000 20,000 4. Jobs 100 and 101 were completed; additional direct labour costs incurred on them were $10,000 and 320,000 respectively. 5. Wages paid to production employees during January totalled 1,25,000, of which accrued wages of the previous year were 125,000; wages payable at the end of the current month were 320,000 6. Depreciation for the month totalled 750,000. 7. Utilities bills totalling 60,000 were received for the January operations. 8. Supplies costing $10,000 were used. 9. Miscellaneous overhead expenses totalled 12,000 for January Actual overhead is applied for individual jobs at the end of each month using a rate based on actual direct-labour costs. You are required to (a) Determine the overhead rate for the month of January (b) Pass the necessary joumal entries for each of the transactions that book place during January c) Specify all subsidiary records affected by each transaction. (d) Determine the amount of profit eamed on Jobs 100 and 101, assuming job prices of #1,10,000 and 1,70,000 respectively. e) Prepare a statement of cost of goods manufactured