The following information for the year ended December 31, 2020 is obtained from the books and records of a factory. ParticularsCompleted JobWork in progressRaw materials supplied from storesRO 70,000RO 20,000WagesRO 10,000RO 5,000Chargeable expensesRO 15,000RO 2,500Material transferred to work in progressRO 3,500 Material returned to storesRO 2,500 Factory overhead is 20% of raw material supplied from stores and office overhead is 40% of factory cost.The price of the executed contracts during 2020 was RO 250,000.Find the amount of factory overhead shown in the work-in-progress account. a.RO 4,000b.RO 4,700c.RO 3,300d.RO 2,000

Factory overhead includes all the costs which are incurred by the business during the production…

Answered: The following information for the year…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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The following information for the year ended December 31, 2020 is obtained from the books and records of a factory.

Particulars	Completed Job	Work in progress
Raw materials supplied from stores	RO 70,000	RO 20,000
Wages	RO 10,000	RO 5,000
Chargeable expenses	RO 15,000	RO 2,500
Material transferred to work in progress	RO 3,500
Material returned to stores	RO 2,500

Factory overhead is 20% of raw material supplied from stores and office overhead is 40% of factory cost.

The price of the executed contracts during 2020 was RO 250,000.

Find the amount of factory overhead shown in the work-in-progress account.

RO 4,000

RO 4,700

RO 3,300

RO 2,000

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