The following information was taken from the job cost sheet for Job 101 for Scott Manufacturing Company:
Date started: July 5, 2012
Date completed: August 21,2012 Job 101 was sold on account on August 25,2012,for 160 percent of its cost.
a.Prepare the journal entries to record the costs incurred for Job 101 in 2012 for direct materials,direct labour,and factory overhead.
b.Prepare the journal entry to record the completion of Job 101.
c.What is the predetermined factory overhead rate for Scott?
d.Prepare the journal entries to record the sale of Job 101.
Correct Answer:
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