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correct the ans 6 and 7 part Selected ledger accounts for Realm Company are given below for the just-completed year: Required: 1. What was the
correct the ans 6 and 7 part
Selected ledger accounts for Realm Company are given below for the just-completed year: Required: 1. What was the cost of raw materials put into production during the year? 1. What was the cost of raw materials put into production during the year? Answer is complete and correct. 2. How much of the materials in requirement 1 consisted of indirect materials? Answer is complete and correct. 3. How much of the factory labour cost for the year consisted of indirect labour? Answer is complete and correct. 4. What was the cost of goods manufactured for the year? 5. What was the cost of goods sold for the year (before considering underapplied or overapplied overhead)? 6. If overhead is applied to production on the basis of direct materials cost, what rate was in effect during the year? (x) Answer is complete but not entirely correct. 7. Was manufacturing overhead underapplied or overapplied? By how much? Answer is complete but not entirely correct. 8. Compute the ending balance in the Work in Process inventory account. Assume that this balance consists entirely of goods start during the year. If $32,700 of this balance is direct materials cost, how much of it is direct labour cost? Manufacturing overhead cos Answer is complete and correct Step by Step Solution
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