QUESTION TEN (Group 7 and 19) Muchimba Co is a jobbing company. On 1 June 2018, there was one uncompleted job in the factory. The job card for this work is summarised as follows. Job card, job no 6832 Costs to date Direct materials Direct labour (120 hours) Factory overhead (K2 per direct labour hour) Factory cost to date During June, three new jobs were started in the factory, and costs of production were as follows. Direct materlals Issued to: Job 6832 630 840 Job 6833 Job 6834 Job 6835 2,390 1,680 3,950 4,420 Damaged inventory written off from stores Materlal transfers Job 6834 to Job 6833 Job 6832 to 6834 Materlals returned to store From Job 6832 From Job 6835 Direct labour hours recorded Job 6832 Job 6833 Job 6834 ob 6835 The cost of labour hours during June 2018 was K8 per hour, and production overhead is absorbed at the rate of K2 per direct labour hour. Production overheads incurred during the month amounted to K3,800. Completed jobs were delivered to customers as soon as they were completed, and the invoiced amounts were as follows. Job 6832 Job 6834 Job 6835 Administration and marketing overheads are added to the cost of sales at the rate of 20% of factory cost. Actual costs incurred during June 2018 amounted to K4,418 Required (a) Prepare the job accounts for each individual job during June 2018. (b) Prepare the summarised job cost cards for each job, and calculate the profit on each completed job. (12 Marks) 2,300 250 620 870 170 Hours 430 650 280 410 KB, 500 K9,000 K9,500 (13 Marks) [Total 25 Marks] QUESTION TEN (Group 7 and 19) Muchimba Co is a jobbing company. On 1 June 2018, there was one uncompleted job in the factory. The job card for this work is summarised as follows. Job card, job no 6832 Costs to date Direct materials Direct labour (120 hours) Factory overhead (K2 per direct labour hour) Factory cost to date During June, three new jobs were started in the factory, and costs of production were as follows. Direct materlals Issued to: Job 6832 630 840 Job 6833 Job 6834 Job 6835 2,390 1,680 3,950 4,420 Damaged inventory written off from stores Materlal transfers Job 6834 to Job 6833 Job 6832 to 6834 Materlals returned to store From Job 6832 From Job 6835 Direct labour hours recorded Job 6832 Job 6833 Job 6834 ob 6835 The cost of labour hours during June 2018 was K8 per hour, and production overhead is absorbed at the rate of K2 per direct labour hour. Production overheads incurred during the month amounted to K3,800. Completed jobs were delivered to customers as soon as they were completed, and the invoiced amounts were as follows. Job 6832 Job 6834 Job 6835 Administration and marketing overheads are added to the cost of sales at the rate of 20% of factory cost. Actual costs incurred during June 2018 amounted to K4,418 Required (a) Prepare the job accounts for each individual job during June 2018. (b) Prepare the summarised job cost cards for each job, and calculate the profit on each completed job. (12 Marks) 2,300 250 620 870 170 Hours 430 650 280 410 KB, 500 K9,000 K9,500 (13 Marks) [Total 25 Marks]