A firm has the following transactions for the month of January 2008. There are no opening inventory

Question:

A firm has the following transactions for the month of January 2008.

There are no opening inventory of raw materials, WIP and finished goods. The standard cost per unit is Rs. 310 (Rs. 170 for materials + Rs. 140 conversion cost). There was no closing WIP at the end of the period.

Required:

Make journal entries for a backflush accounting system using a Raw Materials and In Progress account.

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Cost Accounting

ISBN: 9780070221628

4th Edition

Authors: Jawahar Lal, Seema Srivastava

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Question Posted: Aug 30, 2023 02:12 PM

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A firm has the following transactions for the month of January 2008. There are no opening inventory

Question:

Raw materials purchase Conversion costs Production Sales (Rs.) 8,50,000 6,86,000 Units 4,900 4,850

Step by Step Answer:

Notes 1 Raw materials and In Progress Ac amount is calculated as follows 4900 units Rs 170 Rs 833000 ...View the full answer

Cost Accounting

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