Fine Furniture Ltd had a balance in its Work in Process Inventory account on 1 October 2019 of $13 600 made up of two jobs: Job 730, $6400; and Job 731, $7200. At the end of October, costs assigned to production summarised by the source documents are presented below.

Factory overhead is applied to jobs at the rate of 100% of direct labour costs. Job 730 was the only job completed during October.
Required

(a) Show the general journal entries to record the costs as revealed by the source documents and the application of factory overhead.

(b) Prepare the Work in Process Inventory account for the month of October.

Transcribed Image Text:

Job no. 730 731 732 Factory overhead (actual) Materials requisitions $ 5880 6360 10 160 2620 Labour time records $ 6400 7700 15800 4120 $25 020 $34020