Topper Inc. had following inventories on March 1: Finish goods Rs. 15000, WIP Rs. 19070 and Materials Rs. 14000. The work in process control three jobs: Job No. 62 Materials Rs. 2800, Labor Rs. 2100 and Applied FOH Rs. 1680. Job No. 63 Materials Rs. 3400, Labor Rs. 2700 and Applied FOH Rs.2160. Job No. 64 Materials Rs. 1800, Labor Rs. 1350 and Applied FOH Rs.1080. The following information pertains to March operations: Material purchased and 

received Rs22000 Material requisitioned for production Rs. 21000. Of this amount Rs. 2400 was for indirect material; the difference was distributed Rs. 5300 to job 62, Rs. 7400 to job 63 and Rs.5900 to job 64. Material returned to


building and equipment Rs.250 for expired insurance on the factory. The remaining overhead, RS. 3250 was unpaid at the end of march. FOH applied to production: 80% of the direct labor cost to be charged to three job based on
labor cost for march. Jobs 62 and 63 were completed and transferred to the finish goods warehouse. Both jobs 62 and 63 were shipped and billed at gross profit of 40% of the cost of goods sold. Cash collections from accounts
receivable during March were Rs 69,450. 0

Required: (1) Prepare job order cost sheets to past beginning inventories data 

(2) Journalize the March transactions with current posting to general ledger inventory accounts and to job cost sheets. 

(3) Prepare schedule of inventories on March 31

Answer rating: 100% (QA)

Lets break down the requirements step by step 1 Prepare job order cost sheets to post beginning inve... View the full answer