2. X Ltd. purchased some materials from Y Co. of London at a price of 45,000 after allowing for trade discount @ 10%. X Ltd. had to pay import duty of 5,000, freight 2,300, insurance 500, octroi 300, landing charges 900, carriage 1,000 and special packing * 1,500. As the materials were of national importance 40% duty draw back was allowed. After bringing the materials to worksite the materials used for special packing were sold for 500. One-twentieth of the materials was used in the factory for labour welfare purposes and the balance was used as direct materials. You are asked to workout the Direct Material Cost and also the amount to be included in Factory Overhead.
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Explanation:
3. From the informations given calculate the value of material used :
Purchase of Materials
Direct Expenses on Materials
Octroi Duty
Sale of Defective Materials
Defective Materials returned
Transferred to other jobs
Value of Scrap Material
Material sold
Opening Stock of Raw Material
Closing Stock of Raw Material
Theft of Materials
Material Lost by Fire
Carriage Inward
F
19,000
500
30
300
600
240
160
1,000
3,000
2,000
800
1,600
100
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some one please answer
and good night
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