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Question 1 Pretty Pink Pte Ltd (\"PP\") uses normal and job order costing, All its jobs represent unique customer orders for modied vintage cars. PP had 1 job in process at the start of the year: job number 45 ($12,000). PP applies manufactm'ng overhead on the basis of machine hours (\"Ml-I\"). The budgeted overhead and machine activity level for the year were anticipated to be $280,000 and 50,000 MH, respectively. PP worked on four jobs during April. The direct materials used, direct labour incurred and machine hours consumed during April were as shown in the table below. Job number Direct material Direct labour Machine hours (MH) 45 $13,000 $28,000 200 46 $24,000 $35,000 $66,000 $15,000 $63,000 $45,000 Budgeted and actual direct labour rate is $12 and $14 per hour respectively. Manufacturing overhead incurred for April are as follows: depreciation ($12,000), indirect labour ($5,000), indirect materials used ($2,000) and other factory expenses ($5,000). PP paid cash for all overhead expenses. Manufacturing overhead variance is closed to cost of good on a monthly basis. During April, PP completed job numbers 45 and 48. Job number 45 was sold on credit for a gross prot of $24,000. Required: (at) Prepare journal entries (to describe the ow of production-related costs) for March to record the following: (i) Manufacturing overhead incurred. (ii) Application of manufacturing overhead to production. (iii) Completion of Job number 45 and 48. (10 marks) (b) Calculate the balances in work in process, nished goods inventory and adjusted cost of goods sold at the end of April (after closing off the manufacturing overhead variance). (8 marks) (c) The CEO is concerned about the impact of the manufacturing overhead variance on net prot. He believes that closing the overhead variance only to cost of goods sold adversely impact net prot for April. Is he correct? Explain. (7 marks) Question 2 Sherry Boats (\"SB\") manufactures small boats. It has three support departments: X, Y and Z, and two operating departments: J and R. Its support departments provide services to other support and operating departments. Their usage is captured in the following table. I . Provider of service 5 Dept X Dept Y Dept Z = Dept Overhead Costs $300,000 $200,000 $400,000 Use of Service Service Depts 20% Operating Depts SB uses the step down method to allocate support department costs to operating departments, and a plant wide method based on direct labour hours to allocate manufacturing overheads to products. Each operating department manufactures separate line of products. SB prices its products on cost plus markup basis. Required: (a) (i) Jerry, the cost accountant, believes department Z should be allocated rst as it has the highest support department costs. Without performing any calculations explain if Jerry is correct. (5 marks) (ii) Ignoring your answer in part (i), calculate the support department costs allocated to each of the operating departments 1 and R; by using the step down method beginning with department Y, followed by department Z, and department X. Provide your nal answer to the nearest dollar. (14 marks) ('0) Without performing any calculations, explain if using step down approach will lead to more accurate costing for SB than using the direct or reciprocal methods to allocate support department costs. (6 marks)