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. Prepare cost of goods manufactured and Mr. Shah purchased raw material worth Rs. 1,37,500...

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Accounting

. Prepare cost of goods manufactured and Mr. Shah purchased raw material worth Rs. 1,37,500 and incurred direct labor cost of Rs. 87,500 during the year ended December 31, 2020. Factory overhead is applied to production at the rate of 40% of direct labor cost. The inventory balances are as follow:

January 1

December 31

Materials

10,000

12,000

Work in Process

13,500

12,500

Fished goods

17,500

16,500

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