Greenfield Corporation produces special products to customer’s specifications and uses job order cost system. The following data relates to its operations for the month of December, 2015. I. Purchased raw material on account Rs. 42,000.
II. Material issued to factory Rs. 33,000 of which Rs. 3,000 was used indirectly.
III. Labor used: Direct Rs. 50,000 and indirect Rs. 5,000.
IV. Factory overhead cost incurred Rs. 40,000.
V. Factory overhead is applied at 100% of direct labor cost.
VI. Jobs were completed to extent of 90%.
VII. Goods sold on account Rs. 170,000.
VIII. Finished goods inventory valued at Rs. 10,000.

Required:
• Record the above transactions in general journal and the closed the factory overhead account.

b) The information below is taken from the financial statements of Joseph Company at the end of year 2014.
I. Goods in process inventory December 31, 2014 = 30,000
II. Cost of raw material used = 156,000
III. Cost of goods manufactured = 372,000
IV. Factory overhead (75% of Direct Labor) = 90,000

Required:
• Compute the cost of goods in process inventory at January 1, 2014.

The market for corn in country a is highly competitive. at the current market price of $5/bushel there is a shortage of 100,000 bushels of corn in this country. media reports claim that the price of corn will rise drastically in the near future. according to these reports, the neighboring country b had witnessed a similar situation recently. at the same price, the shortage in country b was also 100,000 bushels and eventually the equilibrium price in b went up to $10/bushel. both countries are known to have equal number of corn producers and the market supply of corn is identical at all prices. this, combined with the fact that consumers in the two countries also have similar tastes and preferences, led the media to conclude that the price of corn in country a would soon be as high as $10/bushel. the new equilibrium price turns out to be below $10/bushel, what inferences can be drawn?

Alandowner and his neighbor purchased adjoining undeveloped lots. after both built homes on their respective lots, the landowner suggested to the neighbor that a common driveway be built where the two lots joined. the neighbor agreed. the landowner and the neighbor split the cost of constructing the driveway and entered into a written agreement to equally share the costs of its upkeep and maintenance. the agreement was recorded in the county recorder's office. two years later, the neighbor built a new driveway located entirely on his lot. the common driveway, which the landowner continued to use but which the neighbor no longer used, began to deteriorate. the landowner asked the neighbor for money to maintain the common driveway, but the neighbor refused to contribute. three years later, the neighbor conveyed his lot to a friend. the friend entered into possession and used only the driveway built by the neighbor. by this time, the common driveway had deteriorated badly and contained numerous potholes. the landowner asked the friend to pay half of what it would take to repair the common driveway. the friend refused. the landowner repaired the driveway and sued the friend for 50% of the cost of repairs. will the landowner prevail?

You decided to charge $100 for your new computer game, but people are not buying it. what could you do to encourage people to buy your game?