The following data is taken from the accounting records of Mumtaz Industries: 1. Purchase of Raw...

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The following data is taken from the accounting records of Mumtaz Industries: 1. Purchase of Raw Material on account Rs. 160,000. 2. Raw Material Account showed a Debit Balance of Rs. 20,000 on Dec 31, 2010. 3. Direct Labor used Rs. 150,000. 4. Direct Labor paid Rs. 100,000. 5. Factory overhead incurred on account Rs. 115,000. 6. Factory overhead is applied at the rate of 80% of Direct Labor Cost. 7. Goods-In-Process on Dec 31 were as: a. Raw Material Rs. 45,000. 8. 90% of the finished goods were sold at 25% above cost. b. Direct Labor Rs. 25,000 Required: 1. Give the necessary entries for the above transactions. 2. Compute the cost of Goods-in-process on Dec 31, 2010. The following data is taken from the accounting records of Mumtaz Industries: 1. Purchase of Raw Material on account Rs. 160,000. 2. Raw Material Account showed a Debit Balance of Rs. 20,000 on Dec 31, 2010. 3. Direct Labor used Rs. 150,000. 4. Direct Labor paid Rs. 100,000. 5. Factory overhead incurred on account Rs. 115,000. 6. Factory overhead is applied at the rate of 80% of Direct Labor Cost. 7. Goods-In-Process on Dec 31 were as: a. Raw Material Rs. 45,000. 8. 90% of the finished goods were sold at 25% above cost. b. Direct Labor Rs. 25,000 Required: 1. Give the necessary entries for the above transactions. 2. Compute the cost of Goods-in-process on Dec 31, 2010.

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