clo'ied lato the Cost of goods roldQ.No.21. Purchased materlals on accont for Rs.95,0001. Defective rmaterial worth i.5,000 were returned to the supplier. .3. Materials lasued to factory, Direct niaterials Ns.80,000 and Indirect niaterlals Rs.3,000Lubor used Rs.90,000 of wlılch Rs.72,000 ls Dlrect Labor5. Factory overbead costs Incurred ou account of Rs.16,0005. Depreciation op innchluery was Rs.5,000 .1. Factory overhead rate is applied at 60% of Direct Labor cost **N. Cust of guods completel and transferred to linished goods store Rs.150,0009.' Sold fivished goods costlug Rs.120,000 on accoupt at 30% above cost10. Bnlatce of factory nvcrlhcad account was clused into the Cost of goods sold1.

The journal entries are prepared to record the business transactions of the business on regular…

0.4 Purchased materláls on account for Rs.95,000 e: Delective material warth Ii.5,000 were returned to the supplier.. 1 Materials fasued to factory, Direet niaterials Ns.80,000 and Indirect niaterlals Rs.3,000 Lubor used Rs.90,000 of wllch Rs.72,000 Is Direct Labor 5. Inctory overbead costs Incurred ou account or Rs.16,000 5. Depreclation op mnchluery was Rs.5,000. J. Factory overhead rate is applied at 60% of Direct Labor cost 1. Cost of guods completel nnd transferred to linished goods store Rs.150,000 J.' Sold fiuished goods costlug Rs.120,000 on accoupt at 30% above cost 10. Balatce of factory nverhead account was clused into the Cost of goods sold

0.4 Purchased materláls on account for Rs.95,000 e: Delective material warth Ii.5,000 were returned to the supplier.. 1 Materials fasued to factory, Direet niaterials Ns.80,000 and Indirect niaterlals Rs.3,000 Lubor used Rs.90,000 of wllch Rs.72,000 Is Direct Labor 5. Inctory overbead costs Incurred ou account or Rs.16,000 5. Depreclation op mnchluery was Rs.5,000. J. Factory overhead rate is applied at 60% of Direct Labor cost 1. Cost of guods completel nnd transferred to linished goods store Rs.150,000 J.' Sold fiuished goods costlug Rs.120,000 on accoupt at 30% above cost 10. Balatce of factory nverhead account was clused into the Cost of goods sold

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Manufacturing Costs

Manufacturing cost is the total cost of procuring or producing a product. In other words, the manufacturing cost is the cost that an individual or business owner undertakes for the manufacturing of goods.

Question

clo'ied lato the Cost of goods rold
Q.No.2
1. Purchased materlals on accont for Rs.95,000
1. Defective rmaterial worth i.5,000 were returned to the supplier. .
3. Materials lasued to factory, Direct niaterials Ns.80,000 and Indirect niaterlals Rs.3,000
Lubor used Rs.90,000 of wlılch Rs.72,000 ls Dlrect Labor
5. Factory overbead costs Incurred ou account of Rs.16,000
5. Depreciation op innchluery was Rs.5,000 .
1. Factory overhead rate is applied at 60% of Direct Labor cost **
N. Cust of guods completel and transferred to linished goods store Rs.150,000
9.' Sold fivished goods costlug Rs.120,000 on accoupt at 30% above cost
10. Bnlatce of factory nvcrlhcad account was clused into the Cost of goods sold
1.

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