QUESTIONS 8.1 Theory (a) Design a job cost card for a firm with only one production department b) What source documents will be used to accumulabe costs on your card? 8.2 Job cards, profit statement by ob The following detalis of operating oosts are given for the month of July Opening balances Work in process 21 000 The following production costs were recorded for the month Job 42 Job 43 3 900 Indirect material 16 210 Time sheets Hourly pay rates: Direct labour $20 per hour Indirect labour $15 per hour Job 42 Job 44 0 hours Other overhead incurred 12 450 Ovethead application ae $32 per direct labour hour Any overlnder-applied is to be shown as part of the monthly gross profe resut Job nos 41, 42 and 43 were finished during July. Jobs sold during the month we Job 41 30 000 Required al Prepare a job card oost summary for July b) Prepare a work in process account for July )Prepare a trading statement showing the gross proft on each job soid 8.3 Job cost card summary, work in process account Red Spot Ltd accounts for customers' orders using a job cost system The budget detals for Agust ndated the tol ing overhead costs and Budget Factory overhead costs Direct labour cost 10 000 8000 20 Direct labour wage rate per hou Factory overheads are applied to jobs on the basis of direct labour hours Job no. 20 was partly complete at the beginning of the month with accumulated costs of Direct material Direct labour 1550 Cost information provided for August Direct material issued Direct labour hours 21 $1 340 $680 168 116 20 23 The actual wage rate was the same as the and 22 were completed during the month budget. Ovethead incurred for Augast was $9 700. Job nos 21 (a) Prepare a job card cost summary for the month of August b) Prepare a work in process account for August