II. The RS Metal Company received two orders from customers on January 17,20x9: Assigned Job No....

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II. The RS Metal Company received two orders from customers on January 17,20x9: Assigned Job No. 101 SM Auto Parts placed an order for 10,000 aluminum rods, 3/4 inch diameter, 12 inches long. The price agreed upon for the order is P70,000. SM Auto Parts requested a completion date of January 21,20x9. 102 The Fortune Lamp Company placed an order for 3,000 aluminum switch plates of standard size. The price for this job is P30,000 and the requested completion date is January 25,20x9. Both jobs will be shaped in the forming department and cleaned in the finishing department. The RS Metal Company uses job order cost system. The following transactions relate to jobs 101 and 102: a.a..1. On January 7, 20x9, the purchasing department bought: 50,000 lb. of aluminum for P375,000; unit cost is P7.50/lb. 500 gallons of cleaning fluid for P25,000; unit cost P50/gal a.a..2. The following materials were requisitioned: Date Quantity Description Amount Forming Department Job 101 1/17 Job 102 1/17 2,500 lb. 300 lb. Aluminum Aluminum P18,750 Total 2,250 P21,000 Finishing department 1/24 10 gal Total Cleaning fluid P 500 P 500 II. The RS Metal Company received two orders from customers on January 17,20x9: Assigned Job No. 101 SM Auto Parts placed an order for 10,000 aluminum rods, 3/4 inch diameter, 12 inches long. The price agreed upon for the order is P70,000. SM Auto Parts requested a completion date of January 21,20x9. 102 The Fortune Lamp Company placed an order for 3,000 aluminum switch plates of standard size. The price for this job is P30,000 and the requested completion date is January 25,20x9. Both jobs will be shaped in the forming department and cleaned in the finishing department. The RS Metal Company uses job order cost system. The following transactions relate to jobs 101 and 102: a.a..1. On January 7, 20x9, the purchasing department bought: 50,000 lb. of aluminum for P375,000; unit cost is P7.50/lb. 500 gallons of cleaning fluid for P25,000; unit cost P50/gal a.a..2. The following materials were requisitioned: Date Quantity Description Amount Forming Department Job 101 1/17 Job 102 1/17 2,500 lb. 300 lb. Aluminum Aluminum P18,750 Total 2,250 P21,000 Finishing department 1/24 10 gal Total Cleaning fluid P 500 P 500

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The information provided describes a scenario where RS Metal Company uses a job order costing system to track costs for Job 101 SM Auto Parts and Job ... View the full answer