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)...

Extracted 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. What was the gross profit earned on Job #A 012