Information relating to job costing

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Reference no: EM13752422

1. Prepare Journal Entries from (in table) the following information relating to Job Costing.

a) The material storeroom receives a shipment of direct and indirect materials that cost $ 12,000.

b) Materials are sent to the stamping and assembly areas. The Cost of the direct materials is $ 1,500 and the cost of the indirect materials is $ 900.

c) Wages totaling $ 2,000 are accrued; 80 % of these costs are direct labour and 20% are indirect labour.

d) Overhead costs are allocated to work in process using an allocation rate of 150% of direct labour costs.

e) Job No. 1205, with a total cost of $ 2,500 is completed.

f) Job No. 1205 is shipped to the customer, who is billed for $ 5,000.

Reference no: EM13752422

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