XYZ 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 returned to supplier worth Rs. 5,000 3. Material and labor issued to job during the month Direct material Direct Labor Job # 101 40,000 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 journal entries to record the preceding transactions. kindly solve this question
XYZ Incorporation provides the following financial data for the month of July 2020: |
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Beginning Inventories 'Rs.' |
||
Direct Material |
12,000 |
|
WIP |
- |
|
Finished Goods |
- |
|
1. Purchased material on accounts for Rs. 200,000 |
||
2. Defective material returned to supplier worth Rs. 5,000 |
||
3. Material and labor issued to job during the month |
||
|
Direct material |
Direct Labor |
Job # 101 |
40,000 |
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 journal entries to record the preceding transactions. |
kindly solve this question
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