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Please solve asap I'll vote your answer Question 7 Time: 50 minutes Total: 28 marks . Please answer the following questions relating to Ranjot and
Please solve asap I'll vote your answer
Question 7 Time: 50 minutes Total: 28 marks . Please answer the following questions relating to Ranjot and Himanshu company accounts (in thousands of dollars): Raw Materials 100 Credits 900 Cost of Goods Sold ? Dbits Bal Beg Debits Bal. End -154) Manufacturing Overhead Debits 2202 Credits ? Work in Process Bal Beg 100 Credits 3504| Dir Mat 703 Dir Lab 1000 Overhead 2005 Bal End ? Wages & Salaries Payable Debits 1300 Bal Beg. Finished Goods Bal Beg. 100 Credits 200 Credits 1204 Debits 2 Bal End 104 Bal End 230 Required: 1. What was the cost of raw materials put into production during the year? 2. How much of the materials in part (1) consisted of indirect materials? 3. How much of the factory labour cost for the year consisted of indirect labour? 4. What was the cost of goods manufactured for the year? s. What was the cost of goods sold for the year (before considering under- or overapplied overhead)? 6. If overhead is applied to production on the basis of direct labour cost, what rate was in effect during the year? 2. Was manufacturing overhead under- or over - applied? By how much? 8. Compute the ending balance in the work-in-process inventory account. Assume that this balance consists entirely of goods started during the year. If $75,400 of this balance is direct labour cost, how much of it is direct material cost? Manufacturing overhead costStep by Step Solution
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