Question
Please answer all the questions simple 42. Calculate the value of the closing stock from the following according to the Weighted Average method: 1st January
Please answer all the questions simple
42.
Calculate the value of the closing stock from the following according to the Weighted Average method:
1st January 2014: Opening balance: 50 units @ OMR 4
Receipts:
5th January 2014: 100 units @ OMR 5
12th January 2014: 200 units @ OMR 4.500
Issues:
2nd January, 2014: 30 units
18th January, 2014: 150 units
45.
Which of the following journal entry will correctly record the direct labour used for production?
a.
Dr. Work in process A/c & Cr. Payroll A/c
b.
Dr. Payroll A/c & Cr. Bank A/c
c.
Dr. Bank A/c & Cr. Payroll A/c
d.
Dr. Payroll A/c & Cr. Work in process A/c
48.Opening stock of raw materials OMR 4,000, closing stock of raw materials OMR 4,000, raw material purchased OMR 3,000, wages paid to labourers OMR 1300, direct expenses OMR 2,00, Office rent, rates and taxes OMR 5,00, factory power OMR 4,00, factory insurance OMR 1,000, selling overhead OMR 1200. Compute works cost.
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