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
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.
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