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How to prepare a job sheet for the given transactions?
Problem
Prepare a job sheet using the transactions given below −
| Amount ($) | |||
| Raw materials | 750000 | ||
| Work in progress (job A) | 310000 | Utility costs | 50000 |
| Direct labour costs | 125000 | Advertising expenses | 310000 |
| Indirect labour costs | 202000 | Travel expenses | 40000 |
| Raw materials | 675000 | Insurance | 15000 |
| Work in progress (Job B) | 295000 | Finished goods | 1089700 |
| Direct labour costs | 98000 | Cost of goods sold | 963000 |
| Indirect labour costs | 103000 | Sales | 2058000 |
| Manufacturing overheads | 115800 | 9564500 | |
| Administrative expenses | 105000 | Carrying balances | |
| Sales commissions | 195000 | Raw materials | 30000 |
| Manufacturing overheads | 220000 | Work-in-progress | 88000 |
| Depreciation (equipment) | 45000 | Cost of goods sold | 28000 |
| 146000 |
Solution
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 |
| 780000 | Sales commissions | 195000 | |
| Work in progress (job A) | 675000 | Utilities overhead | 50000 |
| Balance | 105000 | Insurance overhead | 15000 |
| 775000 | |||
| Work in progress (A+B) | 605000 | ||
| Balance | 170000 | ||
| Work in progress | Net operating income | ||
| Carrying balance | 88000 | Sales | 2058000 |
| 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) |
| 1221000 | Administrative expenses | (105000) | |
| Finished goods | 1089700 | Advertising expenses | (310000) |
| Balance | 131300 | Travel expense | (40000) |
| Insurance | (15000) | ||
| 924000 | |||
Updated on: 2022-05-17T14:51:46+05:30
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