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The following transactions took place in ASAWER Manufacturing Company, assume that the company uses the perpetual system to account for the inventory, journalize the transactions,
The following transactions took place in ASAWER Manufacturing Company, assume that the company uses the perpetual system to account for the inventory, journalize the transactions, and calculate the balance of the work-in process control account: a. Purchase of Materials paying AED 300,000 cash. b. Requisition of AED 220,000 direct materials and AED 40,000 Indirect Materials (OH) into production. c. Incurred AED 90,000 Direct Labor Wages and AED 60,000 Indirect (OH) Labor Wages_ d. AED 120,000 of various actual Indirect Costs incurred (including AED 34,000 Depreciation). e. Indirect Costs (overhead) to be allocated to the Work-in-Process account are AED 140,000. f. AED 400,000 is the cost of Products completed and transferred out of production in preparation for being sold_ g. Products are sold to customers on credit for AED 480,000, while the cost is AED 350,000. h. Incurred (paid cash) AED 20,000 Marketing costs and AED 30,000 customer service costs
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