Answered step by step
Verified Expert Solution
Question
1 Approved Answer
kindly solve first 4,5 and 6 Tq Question 1 (20 marks) 35 Minutes Masoud Company uses a job costing system for its production costs and
kindly solve first 4,5 and 6
Tq
Question 1 (20 marks) 35 Minutes Masoud Company uses a job costing system for its production costs and a predetermined factory overhead rate based on direct labor cost to apply factory overhead to all jobs. During the month of March, the company processed three jobs namely J21, J20 and J19: J20 and J21 started in March while J19 was started in February. March 1 March 31 a RM36,500 ? Direct materials inventory Work in Process inventory b RM41,000 ? Finished Goods inventory 0 0 d Cost of Goods Sold, March $? e Direct materials purchased in March RM55,000 f. Direct materials issued to production J19 J20 RM16,380 RM24,220 RM14,000 J21 09 g Factory labor-hours for direct and indirect labors (RM30/hour) J19 J20 J21 Indirect Labor 3,500 2,800 1,600 6,900 h Other factory overhead costs incurred: Rent RM131,50 0 Utility Repairs and maintenance RM180,60 0 RM188,50 0 RM131,10 0 RM56,000 Depreciation Other As of March 31, Job J19 was sold and Jobs J20 and J21 were still in processing. Total factory overhead budgeted in March was RM1,026,000 while the budgeted direct labor cost was RM270,000 Required 1. Provide the journal entries for points e, f and g above. (3 marks) 2. Compute the predetermine factory overhead rate. (3 marks) 3. Compute the ending balance of the work in process inventory account for March. (4 marks) Utility Repairs and maintenance RM180,60 0 RM188,50 0 RM131,10 0 RM56,000 Depreciation Other As of March 31, Job J19 was sold and Jobs J20 and J21 were still in processing. Total factory overhead budgeted in March was RM1,026,000 while the budgeted direct labor cost was RM270,000 Required 1. Provide the journal entries for points e, f and g above, (3 marks) 2. Compute the predetermine factory overhead rate. (3 marks) 3. Compute the ending balance of the work in process inventory account for March. (4 marks) 4. Prepare the statement of cost of goods manufactured for March. (4 marks) 5. Compute the amount of over or underapplied overhead. (4 marks) 6. What is the cost per unit of Job J19 if it has a total of 2000 units? (2 marks)Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started