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Question

The following information was taken from the job cost sheet for Job 101 for Milanello

Manufacturing: 

5cfb29affe669f44e98eb3603d8b092.png


a) What's the journal entries to record the costs incurred for Job 101 for direct materials,

direct labour, and factory overhead.


b) What's the journal entry to record the completion of Job 101.


c) What's the predetermined factory overhead rate used by Milanello Manufacturing.


d) What's the journal entries to record the sale of Job 101.


e) Why is the computation of predetermined overhead allocation rates necessary? What's the pros and cons of using predetermined overhead allocation rates.

5cfb29affe669f44e98eb3603d8b092.png

Date started:
April 5, 2018
Date completed:
May 21, 2018
Date
Direct
Direct
Factory
Materials
labour
Overhead
05-04
E3,000
15-04
1900
E450
17-04
$1,500
22-04
E1,350
E675
01-05
E1,500
21-05
E600
E300
Job 101 was sold on account on May 25, 2018, for 160 per cent of its cost.

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