The Following Information Was Taken from the Job Cost Sheet $\begin{array}{ll}\text { Date started: } & \text { July 5 } \\\text { Date completed: } & \text { August 21 }\end{array}$

question 15

Essay

The following information was taken from the job cost sheet for Job 101 for Scott Manufacturing Company:
$\begin{array}{ll}\text { Date started: } & \text { July 5 } \\\text { Date completed: } & \text { August 21 }\end{array}$ Job 101 was sold on account on August 25 for 160% of its cost.
Required:
A. Prepare the journal entries to record the costs incurred for Job 101 in the current year 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 .

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Definitions:

Repurchase

The action of a company buying back its own shares from the marketplace, reducing the amount of outstanding stock.

Initial Investment

The original sum of money or capital used to purchase assets or start an investment portfolio at the outset.

Short 150 Shares

The action of borrowing 150 shares of a stock with the aim of selling them in the hope that the stock price will decline, allowing for profit upon repurchasing the shares at a lower price.

Initial Margin

The portion of the purchase price that an investor must deposit when buying securities on margin, serving as a form of collateral.