The following transactions were performed by Crystal Manufacturing Company during the month of January 2021 Jan...

 

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The following transactions were performed by Crystal Manufacturing Company during the month of January 2021 Jan 04 Purchased raw material on account for Rs. 86, 000 Jan 10 Issued material Rs. 80, 000 of which 85 % was direct material Jan 10 Factory labor used - direct labor Rs. 50, 000 and indirect labor Rs. 15, 000 Jan 11 Payroll was paid Rs. 65, 000 Jan 12 FOH was estimated on the basis of 102 % of direct material cost Jan 25 FOH incurred and paid Rs. 49, 000 Jan 26 75% of the job was completed and transferred to finished goods inventory Jan 30 80% of the finished goods was sold for cash Rs. 160, 000 Instructions: Record the above transactions in general journal and close the factory overhead account. The following transactions were performed by Crystal Manufacturing Company during the month of January 2021 Jan 04 Purchased raw material on account for Rs. 86, 000 Jan 10 Issued material Rs. 80, 000 of which 85 % was direct material Jan 10 Factory labor used - direct labor Rs. 50, 000 and indirect labor Rs. 15, 000 Jan 11 Payroll was paid Rs. 65, 000 Jan 12 FOH was estimated on the basis of 102 % of direct material cost Jan 25 FOH incurred and paid Rs. 49, 000 Jan 26 75% of the job was completed and transferred to finished goods inventory Jan 30 80% of the finished goods was sold for cash Rs. 160, 000 Instructions: Record the above transactions in general journal and close the factory overhead account.

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Date Account Debit Credit Jan 4 Inventory Account payable Rs 86000 Rs 86000 Jan 10 Manufacturing ... View the full answer