The following information for the year ended December 31, 2020 is obtained from the books and records of a factory. Particulars Completed Job Work in progress Raw materials supplied from stores RO 70,000 RO 20,000 Wages RO 10,000 RO 5,000 Chargeable expenses RO 15,000 RO 2,500 Material transferred to work in progress RO 3,500 Material returned to stores RO 2,500 Factory overhead is 20% of raw material supplied from stores and office overhead is 40% of factory cost. The price of the executed contracts during 2020 was RO 250,000. Find the amount of factory overhead shown in the work-in-progress account. a. RO 4,000 b. RO 4,700 c. RO 3,300 d. RO 2,000
The following information for the year ended December 31, 2020 is obtained from the books and records of a factory. Particulars Completed Job Work in progress Raw materials supplied from stores RO 70,000 RO 20,000 Wages RO 10,000 RO 5,000 Chargeable expenses RO 15,000 RO 2,500 Material transferred to work in progress RO 3,500 Material returned to stores RO 2,500 Factory overhead is 20% of raw material supplied from stores and office overhead is 40% of factory cost. The price of the executed contracts during 2020 was RO 250,000. Find the amount of factory overhead shown in the work-in-progress account. a. RO 4,000 b. RO 4,700 c. RO 3,300 d. RO 2,000
Chapter5: Process Costing
Section: Chapter Questions
Problem 13PB: Selected information from Hernandez Corporation shows the following: Prepare journal entries to...
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The following information for the year ended December 31, 2020 is obtained from the books and records of a factory.
|
Particulars |
Completed Job |
Work in progress |
|
Raw materials supplied from stores |
RO 70,000 |
RO 20,000 |
|
Wages |
RO 10,000 |
RO 5,000 |
|
Chargeable expenses |
RO 15,000 |
RO 2,500 |
|
Material transferred to work in progress |
RO 3,500 |
|
|
Material returned to stores |
RO 2,500 |
|
Factory overhead is 20% of raw material supplied from stores and office overhead is 40% of
The price of the executed contracts during 2020 was RO 250,000.
Find the amount of factory overhead shown in the work-in-progress account.
a.
RO 4,000
b.
RO 4,700
c.
RO 3,300
d.
RO 2,000
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