he following balances have been taken from the general ledger for Pak Fan Manufacturing Company:   Raw Materials Inventory (1-12-2014) Rs. 40,000 Raw Material Purchases 190,000 Raw Materials Returns 9,000 Carriage Inwards 15,000 Direct Labor 255,000 Indirect Labor 60,000 Depreciation (Machinery) 30,000 Hear, Light and Power 25,000 Factory Rent and Taxes 31,000 Factory Repairs Expense 19,000 Foreman ‘s Salary 25,000 Raw Material (31-12-2014) 58,000 Work in Process (1-12-2014 63,000

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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he following balances have been taken from the general ledger for Pak Fan Manufacturing Company:

 

Raw Materials Inventory (1-12-2014)

Rs. 40,000

Raw Material Purchases

190,000

Raw Materials Returns

9,000

Carriage Inwards

15,000

Direct Labor

255,000

Indirect Labor

60,000

Depreciation (Machinery)

30,000

Hear, Light and Power

25,000

Factory Rent and Taxes

31,000

Factory Repairs Expense

19,000

Foreman ‘s Salary

25,000

Raw Material (31-12-2014)

58,000

Work in Process (1-12-2014

63,000

 

The foreman estimates that Rs. 32,000 of Raw Materials and Rs. 25,000 of Direct Labor are to be allocated to the unfinished goods in process on 31-12-2014.

 

Compute the cost of December 31, 2014 inventory of Goods in Process.

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