{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-27T00:02:40-04:00", "answer_date": "2024-05-27 00:02:40", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1766658", "url": "\/study-help\/questions\/on-1-august-2021-ross-corporation-had-the-following-account-1766658", "question_creation_date_js": "2024-05-27T00:02:40-04:00", "question_creation_date": "May 27, 2024 12:02 AM", "meta_title": "[Solved] On 1 August 2021, Ross Corporation had th | SolutionInn", "meta_description": "Answer of - On 1 August 2021, Ross Corporation had the following account balances: Materials inventory Work-in-Process inventory F | SolutionInn", "meta_keywords": "1,august,2021,ross,corporation,account,balances,materials,inventory,work--process,finished,goods", "question_title_h1": " On 1 August 2021, Ross Corporation had the following account balances: Materials inventory Work-in-Process inventory Finished Goods inventory R72 000 R108 000 R24 000", "question_title": " On 1 August 2021, Ross Corporation had the following account balances:", "question_title_for_js_snippet": "On 1 August 2021, Ross Corporation had the following account balances Materials inventory Work in Process inventory Finished Goods inventory R72 000 R108 000 R24 000 During August, the following transactions took place a b C d e 199 f g h 195 Materials purchased on account, R570 000 Direct material (R121 200) and indirect material (R15 000) were issued to production Factory payroll consisted of R180 000 for direct labour employees and R42 000 for indirect labour employees Office salaries totaled R144 600 for the month Utilities of R40 200 were accrued 70 of the utilities cost is for the factory Depreciation of R60 000 was recorded on plant assets 80 of the depreciation is related to factory machinery and equipment Rent of R66 000 was paid on the building The factory occupies 60 of the building At the end of August, the Work in Process inventory balance was R49 800 i At the end of August, the balance in Finished Goods inventory was R53 400 Required 2 1 Prepare the schedule for cost of goods sold 2 2 Calculate the total product costs 2 3 Calculate the total period costs (13) (2) (5)", "question_description": "\"image", "transcribed_text": "On 1 August 2021, Ross Corporation had the following account balances: Materials inventory Work-in-Process inventory Finished Goods inventory R72 000 R108 000 R24 000 During August, the following transactions took place: a. b. C. d. e. 199 f. g. h. 195 Materials purchased on account, R570 000. Direct material (R121 200) and indirect material (R15 000) were issued to production. Factory payroll consisted of R180 000 for direct labour employees and R42 000 for indirect labour employees. Office salaries totaled R144 600 for the month. Utilities of R40 200 were accrued; 70% of the utilities cost is for the factory. Depreciation of R60 000 was recorded on plant assets; 80% of the depreciation is related to factory machinery and equipment. Rent of R66 000 was paid on the building. The factory occupies 60% of the building. At the end of August, the Work-in-Process inventory balance was R49 800. i. At the end of August, the balance in Finished Goods inventory was R53 400. Required: 2.1 Prepare the schedule for cost of goods sold. 2.2 Calculate the total product costs. 2.3 Calculate the total period costs. (13) (2) (5)", "related_book": { "title": "Managerial Accounting", "isbn": "9780618777174, 618777180, 618777172, 978-0618777181", "edition": "8th Edition", "authors": "Susan V. Crosson, Belverd E. Needles", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/240.jpg", "uri": "\/textbooks\/managerial-accounting-8th-edition-240", "see_more_uri": "" }, "free_related_book": { "isbn": "0195113764", "uri": "\/textbooks\/why-the-civil-war-came-1st-edition-978-0195113761-138690", "name": "Why The Civil War Came", "edition": "1st Edition" }, "question_posted": "2024-05-27 00:02:40", "see_more_questions_link": "\/study-help\/questions\/business-marketing-2022-June-08", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/a-chef-in-a-restaurant-that-specializes-in-pasta-dishes-was", "description": "A chef in a restaurant that specializes in pasta dishes was experiencing difficulty in getting brands of pasta to be al dente-that is, cooked enough so as not to feel starchy or hard but still feel...", "stars": 3 }, { "url": "\/multiple-choice-questions-1-a-software-firm-can-offer-a", "description": "Multiple Choice Questions 1. 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