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plz answer me fast its really important plz Please answer the following questions relating to Ranjot and Himanshu company accounts (in thousands of dollars): Bal
plz answer me fast its really important plz
Please answer the following questions relating to Ranjot and Himanshu company accounts (in thousands of dollars): Bal Beg Raw Materials 100 Credits ? 900 Cost of Goods Sold ? Debits Debits Bal End 155 Manufacturing Overhead Debits 2202 Credits ? Bal Beg. Work in Process 100 Credits 3505 Dir Mat 704 Dir Lab 1000 Overhead 2006 Bal End 2 Wages & Salaries Payable Debits 1300 Bal Beg. 200 Credits 1205 Bal Beg. Finished Goods 100 Credits ? Debits Bal End 105 Bal End 240 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? 5. 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? 7. 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 $75,500 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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