he following balances have been taken from the general ledger for Pak Fan Manufacturing Company:
Raw Materials Inventory (1-12-2014)
Rs. 40,000
Raw Material Purchases
190,000
Raw Materials Returns
9,000
Carriage Inwards
15,000
Direct Labor
255,000
Indirect Labor
60,000
Depreciation (Machinery)
30,000
Hear, Light and Power
25,000
Factory Rent and Taxes
31,000
Factory Repairs Expense
19,000
Foreman ‘s Salary
Raw Material (31-12-2014)
58,000
Work in Process (1-12-2014
63,000
The foreman estimates that Rs. 32,000 of Raw Materials and Rs. 25,000 of Direct Labor are to be allocated to the unfinished goods in process on 31-12-2014.
Compute the cost of December 31, 2014 inventory of Goods in Process.
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