Business, 27.07.2021 18:00 rknabb

Greenfield Corporation produces special products to customer’s specifications and uses job order cost system. The following data relates to its operations for the month of December, 2015. I. Purchased raw material on account Rs. 42,000.
II. Material issued to factory Rs. 33,000 of which Rs. 3,000 was used indirectly.
III. Labor used: Direct Rs. 50,000 and indirect Rs. 5,000.
IV. Factory overhead cost incurred Rs. 40,000.
V. Factory overhead is applied at 100% of direct labor cost.
VI. Jobs were completed to extent of 90%.
VII. Goods sold on account Rs. 170,000.
VIII. Finished goods inventory valued at Rs. 10,000.

Required:
• Record the above transactions in general journal and the closed the factory overhead account.

b) The information below is taken from the financial statements of Joseph Company at the end of year 2014.
I. Goods in process inventory December 31, 2014 = 30,000
II. Cost of raw material used = 156,000
III. Cost of goods manufactured = 372,000
IV. Factory overhead (75% of Direct Labor) = 90,000

Required:
• Compute the cost of goods in process inventory at January 1, 2014.

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