Job Costing -T Accounts Practice Problem 7 From the following informalion, prepare Job No. 1314 amnd Job No. 1425 accounts in the Job Cost I cdger : Job No. 1314 Job No. 1425 Rs. Rs. Direct materials...

Extracted text: Job Costing -T Accounts Practice Problem 7 From the following informalion, prepare Job No. 1314 amnd Job No. 1425 accounts in the Job Cost I cdger : Job No. 1314 Job No. 1425 Rs. Rs. Direct materials 2,400 1.200 Materials received from stores 16,800 14.400 Direct wages 9.600 5.000 Olhier direct expenses 1.000 500 The production overheads are to be taken at 100% of wages and administration overheads at 20% of the production cost. The contract price of Job No. 1314. which is completed, is fixed at Rs. 55,000. Job No. 1425 is under progress.