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How to prepare a job sheet for the given transactions?
Prepare a job sheet using the transactions given below −
|Work in progress (job A)||310000||Utility costs||50000|
|Direct labour costs||125000||Advertising expenses||310000|
|Indirect labour costs||202000||Travel expenses||40000|
|Work in progress (Job B)||295000||Finished goods||1089700|
|Direct labour costs||98000||Cost of goods sold||963000|
|Indirect labour costs||103000||Sales||2058000|
|Administrative expenses||105000||Carrying balances|
|Sales commissions||195000||Raw materials||30000|
|Depreciation (equipment)||45000||Cost of goods sold||28000|
The job sheet for the respective transactions is as follows −
|Raw materials||Manufacturing overheads|
|Carrying balance||30000||Work in progress (job B)||295000|
|Used in next year||750000||Depreciation overhead||220000|
|Work in progress (job A)||675000||Utilities overhead||50000|
|Work in progress (A+B)||605000|
|Work in progress||Net operating income|
|Work in progress (job A)||310000||Cost of goods sold|
|Direct labour costs||125000||Carrying balance||28000|
|Indirect labour costs||202000||Cost of goods sold in next year||963000|
|Work in progress (job B)||295000||991000|
|Direct labour costs||98000||Gross profit||1589000|
|Indirect labour costs||103000||Sales commissions||(195000)|
|Finished goods||1089700||Advertising expenses||(310000)|
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