please answer accordingly

Question 4 (3) Prepare the following journal entries for a job costing system: (i) Purchase of materials from a supplier on credit (2 marks) (ii) Issues of direct and indirect materials for production (2 marks) (iii) Payment of gross wages to employees (2 marks) (iv) Allocation of gross wages, comprising direct and indirect wages for production (2 marks) (b) Both joint products and by-products arise from a joint production process whereby they are not separately identiable until after they have emerged from this joint process. (i) A and B are joint product that can be sold immediately after split-off. The following information is available for last period: No opening inventories. Total joint production costs were RM750,000. Product Production units Sales units Selling price per unit A 14 000 12 000 RMIO B 12 000 8 000 RM12 Using the physical unit method, compute the value of the closing inventory of product A and B for the last period. (6 marks) (ii) In your View, why is the physical measures method not as satisfactory as the sales value method of joint cost allocation? (5 marks) (in) Provide and describe in detail an example of an industry that produces both joint and by-products. (6 marks) [Total: 25 Marks] Question 3 (a) Company B uses a traditional absorption costing system and absorbs production overheads on the basis of standard machine hours. The following are budgeted and actual information applied in its last accounting period: Budget A ctual Production overhead RM750,000 R M725,000 Machine hours 125,000 120,000 Units produces 50,000 50,000 Required: Calculate the following: (i) Budgeted overhead absorption rate (1 mark) (ii) Actual overhead rate (1 mark) (iii) Actual overhead absorbed (2 marks) (iv) Production overhead under / over-absorbed (2 marks) (b)The following are details of stock purchased and sold in Company C between January and June of a particular year: Bought Sold March 250 units at RM30 each May 100 units at RM42 each Required: (a) Show calculations of stock valuation using the FIFO; LIFO; and AVCO methods using the perpetual system. (15 marks) (ii) In your opinion, how do companies determine the choice of stock valuation method to be used. Explain TWO (2) reasons affecting the choice with suitable examples. (4 marks) [Total: 25 Marks]