Question

BIU - BA $ % 9 06-08 Insert 2 Delete Format Cells Font Conditional Format as Cell Formatting Table Styles Styles Alignment Number - X fx I Weighted average costing F G H I J K L M N MATERIALS LEDGER Description: Rubber gaskets Materials Ledger Account No. 11216 BALANCE RECEIVED Rec. Rep. te No. Quantity Unit Price Amount ISSUED Mat. Req. No. Quantity Unit Price Amount Quantity Unit Price Amount ventory comparisons Cost Transferred to Work in Process Cost of Ending Inventory Inventory Method FO 2 E2-7 P2-1 P2-5 O iw e Bm art a search

Answer 1

Journal entries

a) Purchases A/c Dr $2,00,000

To Material Purchased A/c $2,00,000

b) Cost of goods sold A/c Dr $175,000

To Raw Material A/c $175,000

c) Cost of goods Sold A/c Dr $12,000

To Indirect material A/c $12,000

d) Purchases A/c $2,500

To Cost of goods sold A/c $2500

e) Purchases A/c $1,800

To Cost of goods sold A/c $1,800

f) Purchases A/c Dr $165,000

To Cash A/c $165,000