Question

Q# 2: Job Order Costing (7 Marks)
The Searider Company uses a job-order costing system. The following transactions occurred in
April:
a. Raw materials were purchased on account, $180,000.
b. Raw materials used in production, $148,000 ($130,000 direct materials and $18,000 indirect
materials).
c. Accrued direct labor cost of $75,000 and indirect labor cost of $105,000.
d. Depreciation recorded on factory equipment, $40,000.
e. Other manufacturing overhead costs accrued during April, $118,000.
f. The company applies manufacturing overhead cost to production using a predetermined overhead
rate of $6 per machine-hours. A total of 46,000 machine-hours were used in April.
g. Jobs costing $495,000 according to their job cost sheets were completed during April and
transferred to Finished Goods.
h. Jobs that had cost $450,000 to complete according to their job cost sheets were shipped to
customers during the month. These jobs were sold on account at 30% above cost.
Required:
1. Prepare journal entries to record the transactions given above.
2. Prepare T-accounts for Manufacturing Overhead and Work in Process. Post the relevant
transactions from above to each account. Compute the ending balance in each account,
assuming that Work in Process has a beginning balance of $39,000

Answer 1

Answer:

Mitochondria, often referred to as the “powerhouses of the cell”, were first discovered in 1857 by physiologist Albert von Kolliker, and later coined “bioblasts” (life germs) by Richard Altman in 1886. The organelles were then renamed “mitochondria” by Carl Benda twelve years later.

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