Please answer the following questions relating to Ranjot and Himanshu company accounts ( in thousands of dollars ) Raw Materials Cost of Goods Sold Bal Beg 100 Credits Debits Debits 900 Bal End 150 Manufacturing Overhead Work in Process Debits 2200 Credits Bal Beg 100 Credits 3500 Dir Mat 700 Dir Lab 1000 Overhead Bal End 2000 Wages Salaries Payable Finished Goods Debits 1300 Bal Beg 200 Bal Beg 100 Credits Credits 1200 Debits Bal End 100 Bal End 200 Required What was the cost of raw materials put into production during the year How much of the materials in part (1) consisted of indirect materials How much of the factory labour cost for the year consisted of indirect labour What was the cost of goods manufactured for the year What was the cost of goods sold for the year (before considering under or overapplied overhead) If overhead is applied to production on the basis of direct labour cost, what rate was in effect during the year Was manufacturing overhead under or over applied By how much Compute the ending balance in the work in process inventory account Assume that this balance consists entirely of goods started during the year If $75,000 of this balance is direct labour cost, how much of it is direct material cost Manufacturing overhead cost

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jul 26, 2024

Please answer the following questions relating to Ranjot and Himanshu company accounts (in thousands of dollars):

Required:

What was the cost of raw materials put into production during the year?
How much of the materials in part (1) consisted of indirect materials?
How much of the factory labour cost for the year consisted of indirect labour?
What was the cost of goods manufactured for the year?
What was the cost of goods sold for the year (before considering under- or overapplied overhead)?
If overhead is applied to production on the basis of direct labour cost, what rate was in effect during the year?
Was manufacturing overhead under- or over - applied? By how much?
Compute the ending balance in the work-in-process inventory account. Assume that this balance consists entirely of goods started during the year. If $75,000 of this balance is direct labour cost, how much of it is direct material cost? Manufacturing overhead cost?