QUESTION 1 (25 MARKS) Watson 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: RM Job 101 22,000 to Job 102 16,000 Job 103 24,000 62,000 1200 mg con Direct labor incurred and charged to jobs during the month was: 10 besten RM Job 101 30,000 Job 102 26,000 Job 103 20,000 76.000 i. Manufacturing overhead was applied to jobs worked on using a predetermined overhead rate based on 75% of direct labor costs. Actual manufacturing overhead costs incurred during the month amounted to RM66,000. ii. 111. Job 101 consisting of 1,000 units and Job 103 consisting of 200 units were completed during the month. Required: a. Prepare journal entries to record all transactions. (9 marks) b. Answer the following questions: i. How much manufacturing overhead was applied to Job 103 during the month? 000,00 000.08 (4 marks) ii. Compute the unit cost of Jobs 101 and 103. DEREN (10 marks) iii. What is the balance in Work in Process Inventory at the end of the month? (2 marks) Scanned with CamScanner