Question: Need the answer to this excerise question as soon as possible. Thanks. Question M 3: 15 Marks Justin Company worked on only three jobs during
Question M 3: 15 Marks Justin Company worked on only three jobs during May, Information on the Jobs is given below: Job 701. Job 702 Job 703 Direct materials $80,000 $92.000 $72,000 Direct labour costs $287,000 $219.000 $215.000 Direct manufacturing labour hours 20,500 14,600 5,000 (DMLH) At the beginning of the year, annual manufacturing overhead was budgeted at $3,780,000 and budgeted direct manufacturing labour hours are 40,000 per month. Job 701 was completed in May. Required: 1. Compute the total cost of Job 701(6 Marks) 2. Calculate the unit cost for Job 701 assuming it has 2,500 units.(1 Mark) Make the journal entry transferring Job 701 to finished goods.(3 Marks) 4. Determine the ending balance in the work-in-process account.(5 Marks) 3
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