Question: Hello , can u help me to solve this problems in subject cost accounting in chapter job order costing system that need journal interies from

Hello , can u help me to solve this problems in subject cost accounting in chapter job order costing system
that need journal interies from A to g and also need work in process and finished good
then find Gross profit
thank u
Cost records: 1. Material purchased on account OMR 140,000 b. Factory overhead cost incurred on account OMR 70,000 C. Plant and machinery balance as on 01.01.2019 OMR 400,000 d. Depreciation on plant machinery@ 12% pa e. The factory overhead rate is 120% of direct labour cost f. Jobs completed No:201,204 and 206 g. Job no. 201 and 2 04 were shipped and customers were billed for OMR 90,000 and OMR 85,000; 1. Material requisitioned and Factory labour used: Job NO Material Factory (OMR) abour(OMR) 12,000 20,000 8.000 16,520 203 11,500 13,080 204 18,500 18,800 205 13,000 6,200 206 6,000 3,500 General Factory use 4.200 8 ,400 Required: 5 Marks 1. Pass necessary journal entries to record the information summarized above 2. Prepare Work in process and Finished goods account 3 Marks 3. Calculate gross profit loss if any for the quarter ending 31 December 2019 2 Marks
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
