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Q # 7 Iqbal Corporation produces special products to customers specifications and uses job order...

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Accounting

Q # 7

Iqbal Corporation produces special products to customers specifications and uses job order cost system. The following data relates to its operations for the month of December, 2015:

  1. Purchased raw material on account Rs. 60,000
  2. Material issued to factory Rs. 45,000 of which Rs. 3,000 was used indirectly.
  3. Labour used: direct Rs. 70,000 and indirect Rs. 4,000.
  4. Factory overhead cost incurred Rs. 46,000
  5. Factory overhead is applied at 95% of direct labour cost.
  6. Job were completed to the extent of 90%.
  7. Goods sold on account Rs. 230,000
  8. Finished goods inventory at end valued at Rs. 15,000

Required

  1. General journal entries for each of the above transactions also make an adjusting entry of over or under applied FOH-Cost.
  2. Prepare T-Accounts of Goods in Process account, Finished Goods Account and Raw Material Account.

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