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Question 2. Ultimate Comforts production Schedule for Jobs from January to February was as follows: As at 31 December only job 25 was in progress
Question 2. Ultimate Comforts production Schedule for Jobs from January to February was as follows: As at 31 December only job 25 was in progress as at 31 December it had incurred costs of $1,500.- During January the following jobs were started, Job 26 and Job 27. Job 28 was started in February The following costs were applied during the period 1 January - 28 February Direct Materials Direct Labour $- Job 25 Job 26 Job 27 Job 28 9622 7,8404 4,1722 2,6622 580 4,680 2,4804 1,5804 Overhead is applied to jobs at the predetermined rate of 10% of direct labour cost.' Jobs 25, 26 and 28 were finished during the period. Jobs 25 and 26 were sold. You are required to: Calculate the value of each of the following as at 28 February a. Work in Progress b. Finished Goods inventory C. Cost of Goods Sold
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