Smith Ltd, a firm of painting contractors, organises their books of account so as to account for their contract on a job cost basis. 1 Balances, June 1st: Materials Control Account $ 9,300 Total Jobs in process - Material Labour Overhead No.50 700 500 250 1,450 No.51 570 350 175 1,095 Completed jobs - No.49 1,020 850 580 2,450 Cost information for June: H Purchases of materials $ 3,800 Raw material issues - Job No 50mg 51 52 53 54 Stores Total 70 130 625 1,645 1,410 220 4,100 Material on hand (physical check) 30th June $8,800 Direct Wages: Job No. $ Hours 50m 150 direct labour hours 300 51 190 direct labour hours 380 52 520 direct labour hours 1,200 53 1,370 direct labour hours 2,800 54 940 machine hours 200 Indirect wages 580 labour hours 1,000 Jobs 50 and 51 were produced in Dept 1. The budgets prepared in respect of this department were Direct Labour $400 and Factory Overhead $800. (200% of Direct Labour Cost) Jobs 52 and Job 53 were produced in Dept 2. The budget prepared for Factory Overhead for Dept 2 was $2,500 to be recovered over 5,000 direct labour hours. (50 c per direct labour hour) Job 54 was carried out in Dept 3. The budget of Factory Overhead of $500 was to be recovered over 250 machine hours. ($2.00 per machine hr)|| T The jobs were charged out as below: Job No. 49 50g 51 52 53 1 $ 2,500 2,000 1,600 1,900 1,525 Required: Prepare a) Job card summary for all jobs. b) An Income Statement for June showing costs and results for each job charged out. Job Cost Card Job No. Material Opening Balance Input Labour |49 50 51 52 53 54 Total H H H H H H Opening Balance Input Factory O/H Appl Opening Balance Input Total Finished Goods H H Cost of Goods Solda T (b) Trading Statement Job No. Sales H H H H H H H H H H H H H H H H H 49 50m 51 52 53 Total C.O.G.S.H = Gross H A Profit/(Loss) outda H H H y H H H H H