Prepare Journal Entries from the following information relating to Job Costing

Prepare Journal Entries from the following information relating to Job Costing. (4 marks)

1. a) The material storeroom receives a shipment of direct and indirect materials that cost $ 12,000.
2. 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.
3. c) Wages totalling $ 2,000 are accrued; 80 % of these costs are direct labour and 20% are indirect labour.
4. d) Overhead costs are allocated to work in process using an allocation rate of 150% of direct labour costs.
5. e) Job No. 1205, with a total cost of $ 2,500 is completed.
6. f) Job No. 1205 is shipped to the customer, who is billed for $ 5,000.

  https://www.studyhelpus.com/Questions & Answers/journal-entries/