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The following information was taken from the job cost sheet for Job 101 for 102 Field Workshop: Date startad. 5/03/2018 Date c Job 101 was
The following information was taken from the job cost sheet for Job 101 for 102 Field Workshop: Date startad. 5/03/2018 Date c Job 101 was sold on account on 25 April 2018 for 160% of its cost. Required: 5.1 Prepare summary journal entries to record the costs incurred for Job 101 in the current year for direct materials, direct labour, and factory overhead. (3) 5.2 Prepare the journal entry to record the completion of Job 101. (2) 5.3 What is the predetermined factory overhead rate for Scott? (2) 5.4 Prepare the journal entries to record the sale of Job 101. (2)
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