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The following transactions were completed by Eagle Enterprises for the month ended January 31, 2019. 1. Indirect material purchased on account from James for
The following transactions were completed by Eagle Enterprises for the month ended January 31, 2019. 1. Indirect material purchased on account from James for Rs. 100,000/- 2. Direct Material purchased on account for Rs. 20,000/- Terms 2/10, n/30. 3. Material issued for production to Job # 15 totaling Rs. 20,000/- 4. Furniture purchased for Marketing block Rs.200,000/- 5. Machinery purchased for Factory Rs. 150,000/- 6. Work in Process on January 1st was Rs. 10,000/- 7. Factory Payroll of Rs.40,000/- (Rs. 30,000/- direct labor, Rs. 10,000/- indirect labor) for the month was made at the office. FICA Tax @ 20% and income tax @ of 10% was deducted. 8. Factory Overhead applied @ of 100% of direct labor cost. 9. Depreciation for the year is to be charged @ 25% of Fumiture whereas for Machinery it is to be charged @ 10%. 10. Cost of production completed for the month Rs.50,000/- 11. Goods costing Rs. 80,000/- were sold for Rs. 150,000/- 12. Finished goods January 1st were Rs.30,000/- 13. Paid rent of car used in factory Rs. 5,000/-
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