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JOB COSTINGS

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA MA – FIA FMA › JOB COSTINGS

  • This topic has 3 replies, 2 voices, and was last updated 8 years ago by John Moffat.
Viewing 4 posts - 1 through 4 (of 4 total)
  • Author
    Posts
  • December 2, 2016 at 10:34 pm #353285
    iyamu
    Participant
    • Topics: 286
    • Replies: 171
    • ☆☆☆

    A firm uses job costing. Details of the three jobs worked on during a period are:
    Jb Ba Jb Dc Jbfe
    $ $ $
    OWIP 22760 3190 —
    Direct material 4620 11,660 14335
    Direct labor 12,125 10,520 7695

    Overheads are absorbed at 40% of prime cost in each period . Jobs Dc and Job Fe remained incomplete at the end of the period .

    What is the value of the closing work in progress?

    Kaplan: answer is $65,084 but the working not understood at all.

    December 3, 2016 at 9:06 am #353347
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54701
    • ☆☆☆☆☆

    The prime cost for those jobs this period is 11,660 + 10,520 + 14,335 + 7,695 = 44,210
    Overheads are 40% x 44,210 = 17,684

    So total value at the end of the period = 3,190 + 44,210 + 17,684 = 65,084

    December 3, 2016 at 10:12 am #353378
    iyamu
    Participant
    • Topics: 286
    • Replies: 171
    • ☆☆☆

    Thank you sir . you are the best

    December 3, 2016 at 4:05 pm #353454
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54701
    • ☆☆☆☆☆

    You are welcome (and thank you 🙂 )

  • Author
    Posts
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