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Mount Eden Manufacturing Company employs a job order cost accounting system and keeps perpetual inventory records. The following transactions occurred in the first month of
Mount Eden Manufacturing Company employs a job order cost accounting system and keeps perpetual inventory records. The following transactions occurred in the first month of operations: Direct materials requisitioned during the month: Job 101 RM20,000 Job 102 RM16,000 Job 103 RM24.000 RM60.000 Direct labor incurred and charged to jobs during the month was: Job 101 RM32,000 Job 102 RM28,000 Job 103 RM20.000 RM80,000 i. Manufacturing overhead was applied to jobs worked on using a predetermined overhead rate based on 75% of direct labor costs. ii. Actual manufacturing overhead costs incurred during the month amounted to RM66,000. iii. Job 101 consisting of 1,000 units and Job 103 consisting of 200 units were completed during the month. Required: a. Prepare joumal entries to record all transactions (9 marks)
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