Question

In: Accounting

You are given the cost records for the quarter ending 31st March 2019 of Abby works...

You are given the cost records for the quarter ending 31st March 2019 of Abby works LLC. The company maintains job order cost system.

Details of cost transactions incurred during the quarter:

  1. Material purchased on account OMR 98,500’

  2. Factory overhead cost incurred on account OMR 78,000

  1. Plant and machinery balance as on 01.01.2019 OMR 480,000
  2. Depreciation on plant machinery@ 7% p.a
  3. The factory overhead rate is 80% of direct labour cost
  4. Jobs completed No:401 and 403.
  5. Job no. 401.shipped and billed for OMR 55,000;

  1. Material requisitioned and Factory labour used:

Job NO.

MateriaL

(OMR)

Factory Labour(OMR)

401

15,000

17,000

402

17,000

13,520

403

13,500

10,080

404

18,500

18,700

405

22,000

26,200

General Factory use

6,200

10,800

Required:

  1. Record journal entries.

Solutions

Expert Solution

ekkarill92 answered 1 year ago
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