Question 1 - Job Order Costing:

Rose Corporation had the following activities during its most recent month of operations:

Factory Overheads was applied at 90% of Direct Labour Cost.

a. Purchase raw materials on account for $175,490

b. Materials requisitions for the month show that the following materials were used on jobs and indirectly:

Job 480$21,750

Job 490 12,000

Job 500 8,790

Job 510 13,680

Indirect Materials 3,750

c. Paid Factory Wages in the amount of $95,849

d. Labour time tickets for the month provided the following information:

Job 48029,000

Job 49025,500

Job 50015,450

Job 51013,149

Indirect labour12,750

e. Incurred factory utilities costs of $34,000; paid in cash

f. Applied overhead to all jobs worked on, during the month (Jobs 480, 490, 500 and 510).

g. Overhead costs incurred for the month totaled $27,680 (credit Other Accounts)

h. Jobs 480, 490 and 500 were completed and transferred to finished goods.

i. Job 480 was sold for $150,000 to a customer on credit.

Required:

a. Prepare journal entries to record the above transactions

b. Prepare job order cost sheet for each job worked on during the month

Calculate the balance in the following accounts at the end of the month: Goods in Process, Finished Goods and Cost of Good