RAZA CORPORATION reported the following inventories on 1st November, 2010. Raw Material Rs. 40,000...
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Accounting
RAZA CORPORATION reported the following inventories on 1st November, 2010.
Raw Material Rs. 40,000
Goods in Process Rs. 70,000
Finished Goods Rs. 50,000
The company uses the job order cost accounting system. The following transactions
took place during November:
- Material purchased o account Rs. 200,000
- Material requisision for production Rs. 90,000 and supplies Rs. 30,000.
- Materials returned to supplier Rs. 5,000
- Accrued payroll Rs. 105,000 including payroll for indirect labour Rs. 15,000
- Sundry manufacturing expenses incurred Rs. 120,000
- Paid to Accounts payable Rs. 100,000
- FOH applied at the rate of 110% of direct labour cost.
- Goods in process inventory November 30, Rs. 70,000
- Finished goods inventory November 30, Rs. 55,000
- Sales on accounts Rs. 450,000
Required
General journal entries for each of the above transactions also make an adjusting
entry of over or under applied FOH-Cost.
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