URGENT!!! Here is the full information given, and please another question too Thasnk alot
QUESTION 1 Chex Manufacturing Berhad, a made-to-order woodwork manufacturer, uses a job order cost system and applies overhead to its production on the basis of direct labour costs (DLC). The management budgeted the following estimates for its 2022 operation: 2022 Budgeted Data: Manufacturing Overhead Costs Direct Labour Costs Machine Hours (MH) RM 960,000 RM 192,000 for 24,000 direct labour hours (DLH) 48,000 hours On 1 January of the current year, there were no balance in its inventories. During January, raw materials were purchased on account from Ayataka Sdn. Bhd. for RM30,000. The manufacturer worked on the following jobs throughout its month of operation: Material Time Tickets Requisition Slip HULK RM8,415 792 DLH THOR RM5,610 528 DLH VISION RM11,475 1,080 DLH General Use RM2,200 625 DLH The charge rate for the labour hours worked is at RM8 per DLH. Actual manufacturing overhead costs incurred for January 2022 includes: Depreciation Expense - Machinery Factory Rent Property Taxes Utilities Expense Insurance Expense RM 15,000 35,000 12,000 15,000 3,500 At the end of the month, Jobs HULK and VISION are complete. Only Job VISION was sold immediately upon completion at 20% above the cost price. Required: a) Prepare the journal entries to record the assignment of costs during January 2022. (5 marks) b) Determine the following balances for the month ended 31 January 2022: (i) (ii) (iii) Raw Materials Inventory Cost of Goods Manufactured Finished Goods Inventory (6 marks) c) What is the amount of over- or underapplied overhead at 31 January 2022? Prepare the adjusting entries to close the manufacturing overhead balance as determined. (5 marks) d) What is the gross profit (adjusted) to be reported for January 2022? (4 marks) QUESTION 1 Chex Manufacturing Berhad, a made-to-order woodwork manufacturer, uses a job order cost system and applies overhead to its production on the basis of direct labour costs (DLC). The management budgeted the following estimates for its 2022 operation: 2022 Budgeted Data: Manufacturing Overhead Costs Direct Labour Costs Machine Hours (MH) RM 960,000 RM 192,000 for 24,000 direct labour hours (DLH) 48,000 hours On 1 January of the current year, there were no balance in its inventories. During January, raw materials were purchased on account from Ayataka Sdn. Bhd. for RM30,000. The manufacturer worked on the following jobs throughout its month of operation: Material Time Tickets Requisition Slip HULK RM8,415 792 DLH THOR RM5,610 528 DLH VISION RM11,475 1,080 DLH General Use RM2,200 625 DLH The charge rate for the labour hours worked is at RM8 per DLH. Actual manufacturing overhead costs incurred for January 2022 includes: Depreciation Expense - Machinery Factory Rent Property Taxes Utilities Expense Insurance Expense RM 15,000 35,000 12,000 15,000 3,500 At the end of the month, Jobs HULK and VISION are complete. Only Job VISION was sold immediately upon completion at 20% above the cost price. Required: a) Prepare the journal entries to record the assignment of costs during January 2022. (5 marks) b) Determine the following balances for the month ended 31 January 2022: (i) (ii) (iii) Raw Materials Inventory Cost of Goods Manufactured Finished Goods Inventory (6 marks) c) What is the amount of over- or underapplied overhead at 31 January 2022? Prepare the adjusting entries to close the manufacturing overhead balance as determined. (5 marks) d) What is the gross profit (adjusted) to be reported for January 2022? (4 marks)
