During the month December the company procured raw material worth OMR 150,000.During this period the company has undertaken different jobs. The factory overhead rate is estimated at 130% of direct labour cost but actual factory overhead incurred is OMR 68,000. The company purchased a machinery on 01.01.2019 at OMR 500,000 to be depreciated at 10% p.a. Other important information is given below:

1. Jobs completed No:301,303,304,305 and 306
2. Job no. 301,303,304 and 305were shipped and customers were billed for OMR 60,000, OMR 78,000,OMR 57,000 and OMR 85,000;

1. Material requisitioned and Factory labour used:

Job NO.	Material (OMR)	Factory Labour(OMR)
301	10,000	11,000
302	7,000	14,520
303	12,500	11,080
304	28,500	18,700
305	12,000	16,200
306	16,000	13,500
307	12,000	13,000
General Factory use	4,200	8,400

As a cost accountant , you are required to pass necessary journal entries for the month of December 2019.Also make work in process and finished goods account and finally arrive the gross profit or loss for the month.