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Varshan Company uses a job order costing system. In June, the following transactions occurred for job number 4 2 . ( i ) Purchased materials

Varshan Company uses a job order costing system. In June, the following transactions occurred for job number 42.
(i)Purchased materials on account for RM35,000.
ii)Material requisition note issued:-MRN 101 for direct materials accounting to RM1,000
(iii)Direct labour is paid at the rate of RM6.50 per hour. The labour hours recorded in the job time record showed 300 hours for job 42.
iv)Overheads are absorbed using the direct labour hour rate of RM5 per hour.
(v)Actual overheads incurred for job 42 is RM1,250.
(vi)Job 42 was completed and transferred to finished goods at the end of June.
(vii)Sold Job 42 on account at cost plus 25%.Required to prepare:
a)The journal entries for the transactions i to vii.
b)The ledger accounts for the
transactions i to vii.
(c)The schedule for manufacturing cost.
(d)The statement of profit and loss.

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