Question: Question # 3 (do my work in word file) Iqra inc. provided the following data for January, 19B: Materials and supplies: Inventory, January 1, 19B
Question # 3 (do my work in word file)
Iqra inc. provided the following data for January, 19B:
|
Materials and supplies: | ||||
| Inventory, January 1, 19B | Rs.10,000 | |||
| Purchases on account | 30,000 | |||
|
Labour: | ||||
| Accrued, January 1, 19B | 3,000 | |||
| Paid during January (ignore payroll taxes) | 25,000 | |||
|
Factory overhead costs: | ||||
| Supplies (issued from materials) | 1,500 | |||
| Indirect labour | 3,500 | |||
| Depreciation | 1,000 | |||
| Other factory overhead costs (all from outside suppliers on account) | 14,500 | |||
|
Work in process: | ||||
| Job1 | Job2 | Job3 | Total | |
| Work in process January 1, 19B | Rs. 1,000 | -- | -- | Rs. 1,000 |
| Job costs during January, 19B: | ||||
| Direct materials | 4,000 | Rs.6,000 | Rs.5,000 | 15,000 |
| Direct labour | 5,000 | 8,000 | 7,000 | 20,000 |
| Applied factory overhead | 5,000 | 8,000 | 7,000 | 20,000 |
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Job 1 started in December, 19A, finished during January, and sold to a customer for Rs.21,000 cash | ||||
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Job 2 started in January, not yet finished. | ||||
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Job 3 started in January, finished during January, and now in the finished goods inventory awaiting customer's disposition | ||||
|
Finished goods inventory January 1, 19B. | ||||
Required:
Journal entries, with detail for the respective job orders and factory overhead subsidiary records, to to record the following transactions for the January:
- Purchase of materials on account.
- Labour paid.
- Labour cost distribution.
- Materials issued.
- Depreciation for the month.
- Acquisition of other overhead costs on credit.
- Overhead applied to production.
- Jobs completed and transferred to finished goods.
- Sales revenue.
- Cost of goods sold.
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