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Prepare t accounts of work in process and finished goods

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Reference no: EM132549088

The following transactions were completed by Eagle Enterprises for the month ended January 31, 2019.

  1. Indirect material purchased on account from James for Rs. 100,000/-
  2. Direct Material purchased on account for Rs. 20,000/- Terms 2/10, n/30.
  3. Material issued for production to Job # 15 totaling Rs.20,000/-
  4. Furniture purchased for Marketing block Rs.200,000/-
  5. Machinery purchased for Factory Rs. 150,000/-
  6. Work in Process on January 1st was Rs.10,000/-
  7. Factory Payroll of Rs.40,000/- (Rs.30,000/- direct labor, Rs.10,000/- indirect labor) for the month was made at the office. FICA Tax @20% and income tax @ of 10% was deducted.
  8. Factory Overhead applied @ of 100% of direct labor cost.
  9. Depreciation for the year is to be charged @ 25% of Furniture whereas for Machinery it is to be charged @ 10%.
  10. Cost of production completed for the month Rs.50,000/-
  11. Goods costing Rs.80,000/- were sold for Rs.150,000/-
  12. Finished goods January 1st were Rs.30,000/-
  13. Paid rent of car used in factory Rs. 5,000/-

Required:-

Question 1: Prepare T accounts of work in process, finished goods, cost of goods sold, Factory overhead actual and applied and close FOH over/under applied.

Reference no: EM132549088

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