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Create journal entry to record the incurrence of production

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Reference no: EM132529208

Toys World started and finished job number A26, a batch of 1,000 cuddly koalas, during March 2020. The job required $4,850 of direct material and 32 hours of direct labour at $20 per hour. The predetermined overhead rate is $10.50 per direct labour hour. On 31st March, 900 of the cuddly koalas were shipped to a local toy shop.

Required:

Question 1: Prepare journal entries to record the incurrence of production costs, completion of job number A26 and the shipment of 900 cuddly koalas to local toy shop.

Question 2: Calculate the cost per cuddly koala for job number A26.

Question 3: How might the managers at Toys World use this information?

Reference no: EM132529208

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