Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. during the current month of august, al-nasir manuf

During the current month of August, Al-Nasir manufacturing Company has the following transactions occurred during...

90.2K

Verified Solution

Question

Accounting

image
image
During the current month of August, Al-Nasir manufacturing Company has the following transactions occurred during the month for the Job S01 and the Job S02 1- Raw material purchases of AED 434,000 on account. AED 195,000 was issued as direct materials for the job S01, AED 180,000 was issued for Job S02 and the remaining as indirect materials. 2- Incurs factory labor of AED 325,000. Of that amount, AED 300,000 relates to wages payable and AED 25,000 relates to payroll taxes payable. AED 160,000 of factory labor was direct for the job S01, AED 110,000 for job S02, and the remaining was indirect. 3- Factory utilities of AED 65,000 paid cash, Factory insurance of AED 3,700 are payable, and depreciation on the Factery's equipment is AED 6,000 . 4- The company expects that the applied manufacturing overhead will be 80% of direct labor cost 5- The company completed both jobs and sold job S02 for AED 400,000. Required: 1- Prepare the journal entries 2- Calculate the over/underapplied M.OH 3- Calculate the profit related to selling job S2 1-Prepare the journal entries 2- Calculate the over/underapplied M.OH 3-Calculate the profit related to selling job S02

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students