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How do prepare cost sheet showing cost of three jobs

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Reference no: EM132611266

The following transactions relate to the Decent company for the month of June,2004.

  1. Material purchased on account Rs.170,000
  2. Material and labor used on jobs were as under.

Job No      Direct material           Direct labor

01                  11,400                       5000

02                  17,200                      14,000

03                   7000                        18,400

Indirect material issued to production Rs. 3800
Indirect Labor incurred Rs.500
Other factory overhead cost incurred Rs. 6850
Depreciation on Machinery Rs.3000
Factory overhead is applied at 80% of Direct labor.
Jobs No.1 and 2 were completed
Customers were billed both jobs at Rs.50,000 and Rs. 26,000 respectively.

INSTRUCTION:

Question 1: Prepare cost sheet showing cost of three jobs

Question 2: Prepare General Journal entries together with closing of under or over applied FOH

Reference no: EM132611266

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