The 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.
The 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
The 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 |
|
|
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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