Reference no: EM132567361
Danish Corporation produces special product as to customer specifications and uses the Job Order Cost System. The following data relates to its operations of December 2006.
1. Purchased raw material on account Rs. 60,000.
2. Raw material issued to factory Rs. 43,000 of which Rs. 4,000 was used indirectly.
3. Factor labour used direct Rs. 65,000 and indirect Rs. 5,500.
4. Factory Overhead cost incurred on account Rs. 44,000.
5. Factory Overhead applied at 100% of Direct Labour Cost.
6. Jobs were completed to the extent of 80%.
7. Goods sold on account Rs. 2,00,000.
8. Finished Goods inventory on Dec 31, 2006 Rs. 18,400.
Question 1: Record the above transactions in journal also close over or under applied factory overhead at the end of month.
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