Management accounting

please answer all the questions carefully and thank u so much

sources is Management Accounting 7E by Kim Langfield-Smith

Part B (80 Marks)
Question 1 – Job costing (13 Marks)
The following incomplete information is provided in relation to Jay Ltd for the month of
December.
(i) Opening balances:
Raw materials $32,000
WIP $32,500
Finished goods
(ii) Closing balances
$75,000
Raw material $25,000
Finished goods $42,000
(iii) Overhead is applied on the basis of $7.50 per direct labour hour.
(iv) The only unfinished job at the end of December had incurred $17,500 of raw materials
and$14,000 (2000 hours) of direct labour.
(v) Jobs sold during the month were sold for $490,000. The cost of the goodssold during the
month was $238,000.
(vi) Indirect materials worth $2,800 were issued to production during December.
(vii) A total of 7,750 labour hours were worked during normal working hours. Employees
alsoworked an additional 650 hours of overtime during the month. Overtime hours are paid
at a rate of 150% of the normal hourly rate.
(viii) Sundry manufacturing overhead costs incurred during December were $52,000.
Required:
Complete the relevant T- accounts (provided on next page) to show the flow of costs through the
company’s manufacturing accounts and answer the questions provided.
(8 marks)
Raw Material Inventory Work In Process