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Required a) Prepare joumal entries to record the preceding transactions.

Required a) Prepare joumal entries to record the preceding transactions.

FINANCIAL ACCOUNTING
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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Freaday Incorporation provides the following financial data for the month of July 2020: Beginning Inventories 'Rs.' Direct Material 12,000 WIP Finished Goods 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 Direct material Direct Labor 40,000 Job # 101 65,000 Job # 102 50,000 80,000 Job # 103 30,000 50,000 Job # 104 25,000 40,000 Indirect 5,000 15,000 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.
Transcribed Image Text:Freaday Incorporation provides the following financial data for the month of July 2020: Beginning Inventories 'Rs.' Direct Material 12,000 WIP Finished Goods 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 Direct material Direct Labor 40,000 Job # 101 65,000 Job # 102 50,000 80,000 Job # 103 30,000 50,000 Job # 104 25,000 40,000 Indirect 5,000 15,000 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.
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