Old MathJax webview

Old MathJax webview

Question is related to Cost Accounting

General Entries Required

Following are the transactions completed by ABC Corporation 1-May Balances of Raw Material Rs. 20,000, WIP Rs 18,000 and Finished Goods Rs 25,000 2-May Purchased Raw Material Rs 370,000 4-May Direct material Issued to factory Rs 190,000 @ Rs 19/ per direct Labour Hour and Indirect Material Rs 30,000 5-May Direct Labour cost Rs 300,000 including 30 % Indirect labour cost 8-May Factory over head was applied @ 14/- per direct labour hour 10-May Actual FOH incurred Rs 240,000 30-May 80% Job was completed and sold at 30% above cost