Question 1 Not yet answered Marked out of 10.0 P Flag question You are given the cost records for the quarter ending 31st March 2019 of Abby works LLC. The company maintains job order cost system. Details of cost transactions incurred during the quarter: 1. Material purchased on account 2. Factory overhead cost incurred on account OMR 78,000 C. Plant and machinery balance as on 01.01.2019 OMR 480,000 d. Depreciation on plant machinery@ 7% p.a e. The factory overhead rate is 80% of direct labour cost f. Jobs completed No:401 and C. Plant and machinery balance as on 01.01.2019 OMR 480,000 d. Depreciation on plant machinery@ 7% p.a e. The factory overhead rate is 80% of direct labour cost f. Jobs completed No:401 and 403. g. Job no. 401.shipped and billed for OMR 55,000; 1. Material requisitioned and Factory labour used: Job NO. Material (OMR) 401 15,000 402 403 17,000 13,500 18,500 22,000 404 405 Job NO. Factory Labour(OMR) 401 402 Material (OMR) 15,000 17,000 13,500 18,500 22,000 403 17,000 13,520 10,080 18,700 26,200 404 405 6,200 10,800 Required: 1. Record journal entries. 5 Marks 2. Draw Work in process and Finished goods account 3 marks 3. Compute gross profit /loss if | any for the quarter ending 31st December 2019 2Marks