Transcribed Image Text: Problem Number 4: Anoutfitproducer had the following transactions in its first month of processes relating to its only job, Job #A 012. a) Purchased 500 yards of

Transcribed Image Text: Problem Number 4:
Anoutfitproducer had the following transactions in its first month of processes relating to its only job, Job #A
012.
a) Purchased 500 yards of silk @ Rs.8 per yard for cash.
b) Requisitioned 300 yards of silk to produce Job #A 012.
c) Incurred 50 hours of direct labor to produce Job #A 012; the average labor rate is Rs.9 per hour.
d) Paid various factory overhead costs, Rs.650.
e) Applied factory overhead at the rate of 145% of direct Material costs to Job #A 012.
f) Completed Job #A 012.
g) Sold Job #A 012, receiving cash of Rs.4,400.
Required:
1. Record the above transactions in journal and close the FOH A/C
2. Enter the transactions in the T-accounts below.
3. Determine the ending balance of each account.
4. was the gross profit earned on Job #A 012

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