1. What is the total amount of work-in-process on I January 2021? 2. Determine the total direct material cost amount for
Posted: Sat May 07, 2022 7:53 pm
- 1 What Is The Total Amount Of Work In Process On I January 2021 2 Determine The Total Direct Material Cost Amount For 1 (39.74 KiB) Viewed 30 times
2021?
2. Determine the total direct material cost amount for all
jobs
3. What is the total direct labour cost amount for all jobs?
4. Determine the applied factory overheads cost for all jobs
5. What is the total cost of job 542?
6. Calculate the total cost of Job 545?
7. Calculate the total cost of all jobs
You are the cost and management accountant of Limpopo Group of Mines (Pty) Ltd and you compiled the following information relating to your company's operations for the first quarter of 2021 (1 January to 31 March): WIP balances on 1 January 2021: Job 542 Job 543 R 3 850 R2 330 Costs incurred and other data for the third quarter: Job Material costs Labour costs 542 R 850 R 580 543 R 340 R 720 544 R 6 400 R 3700 545 R3 150 R2 650 Machine hours 30 hrs 45 hrs 210 hrs 85 hrs Factory overheads are applied to jobs based on machine hours. Budgeted factory overheads for 2021 were R 900 000 while budgeted machine hours for the same period were 60 000 hours. Jobs 542 (60 units), 543 (200 units) and 544 (2 000 units) were completed.