Q.2. The following information has been jaken from the job order cost systeni used by AADIL & CO. JOB # BALANCE JULY 1, 2006 PRODUCTION COST IN.JULY 21 Rs.140,000 108,000 30,000 50,000 --- -- 22 23 Rs.166,000 24 130,000 200,000 121,000 80,000 25 26 -- 27 OTUED IN ROD

BJ Manufacturing Company uses Job Order Costing system to accumulate production costs. At the beginning of the year, the balances of the inventory accounts are as follows:Raw Materials Inventory ..................... P168,000Work in Process Inventory ..................... 210,000 Job 101........................ P105,000 Job 102 ....................... 105,000Finished Goods Inventory ..................... 182,000 Job 005 ...................... P 85,000 Job 006 ...................... 97,000The summaries of transactions for the year are as follows:(a) Raw Materials costing P826,000 were purchased on account.(b) Materials issued to production, P785,000 distributed as follows:Job 101 P180,000 Job 103 P150,000Job 102 P125,000 Job 104 P205,000Indirect balance Job 105 P95,000(c) Heat, light and power, factory plant, for the year was P116,000.(d) Depreciation for factory plant for the year, P190,000(e) Marketing and administrative expenses, P250,000(f) Production wages for the year was…

Exercise 15-18 (Algo) Recording transactions in job order costing LO P1, P2, P3, P4 Prepare journal entries to record transactions a through h.  Raw materials purchased on credit, $100,000. Direct materials used, $42,000. Indirect materials used, $15,000. Direct labor used, $36,000. Indirect labor used, $14,000. (Record using Factory Wages Payable.) Paid cash for other actual overhead costs, $8,250. Applied overhead at the rate of 120% of direct labor cost. Transferred cost of jobs completed to finished goods, $68,175. Sales of jobs on credit was $97,000. Cost of jobs sold was $68,175.

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