Freaday Incorporation provides the following financial data for the month of July 2020: Beginning Inventories 'Rs.' Direct Material WIP Finished Goods 12,000 1. Purchased material on accounts for Rs. 200,000 2. Defective material retumed to supplier worth Rs. 5,000 3. Material and labor issued to job during the month Job # 101 Job # 102 Job # 103 Job # 104 Direct material Direct Labor 40,000 50,000 30,000 25,000 5,000 65,000 80,000 50,000 40,000 15,000 Indirect 4. FOH rate is 120% of direct labor cost 5. Actual FOH cost incurred on account Rs. 250,000 Required a) Prepare joumal entries to record the preceding transactions.
Freaday Incorporation provides the following financial data for the month of July 2020: Beginning Inventories 'Rs.' Direct Material WIP Finished Goods 12,000 1. Purchased material on accounts for Rs. 200,000 2. Defective material retumed to supplier worth Rs. 5,000 3. Material and labor issued to job during the month Job # 101 Job # 102 Job # 103 Job # 104 Direct material Direct Labor 40,000 50,000 30,000 25,000 5,000 65,000 80,000 50,000 40,000 15,000 Indirect 4. FOH rate is 120% of direct labor cost 5. Actual FOH cost incurred on account Rs. 250,000 Required a) Prepare joumal entries to record the preceding transactions.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter12: Intangibles
Section: Chapter Questions
Problem 13E
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