SECTION B: PROBLEM SOLVING QUESTIONS Q1. JOB COSTING Total marks for this question: 15 marks [Suggested time: 24 minutes] Foster Manufacturing uses a job order cost accounting system. On April 1, the company has Work in Process Inventory of $7.600 and two jobs in process: Job No. 221. $3,600, and Job No. 222. $4,000. During April, a summary of source documents reveals the following: For Materials Requisition Slips Labor Time Tickets Job No. 221 $1.200 $2.100 1,700 2.200 223 2.400 2.900 224 2.600 2.800 General use 600 400 Totals $8.500 $10.400 Foster applies manufacturing overhead to jobs at an overhead rate of 70% of direct labor cost. Job No. 221 is completed during the month. 222 REQUIRED 1 Prepare general journal entries to record the raw materials requisitioned, factory labor used, the assignment of manufacturing overhead to jobs, and the completion of Job No. 221. [Narrations not required] (10 marks) 2 Calculate the balance of the Work in Process Inventory account at April 30. (Clearly show the total WIP cost for each of the jobs that are still in process)