QUESTION 5 4 points Save Answer HIP Fashion Designers (HFD) Limited closing stores operates an interlocking financial and cost accounting system On the 30 June 2019 the following were among the balances in the cost ledger of the company, manufacturing a single product (namely: Winter coats) in a single production process. Material: R Raw Material control account 106 931 Finished Goods Account 136 400 The raw material ledger comprised the following balances at 30 June 2019. Direct Materials: Suede 2 080 metres R53 040 Leather 1 560 metres R49 140 Indirect Material R4 751 During July 2019 the following transactions occurred in the records of HFD Limited. Raw Materials purchased on credit: Suede 2 205 metres at R26.20 per metre Leather: 1 810 metres at R33.40 per metre Indirect Material: R7 221 Raw Materials issued from stock Suede 2 570 metres Leather 2 023 metres Indirect Material: R6 971 Save Answers Save and Submit Chel Save and submit to save and subunit. Click Save all answers to sare all answers. kboard.com/ultra/courses/_27206_1/cl/outline Question Completion Status: Indirect Material: R6 971 Direct Materials are issued at weighted average prices (calculated at the end of the month, to two decimal places) Finished Goods: R272 160 of Work-in-progress was transferred to the Finished goods production account at the end of July 2019 Production of HFD Limited single product was 168 Winter Coats. Stocks of finished goods 'Winter coats' were: 30 June 2019 88 Winter Coats 31 July 2019 102 Winter Coats Transfers from finished goods stocks on sale of the product are made on a FIFO (First-in-first-out) basis. Complete the following general ledger account for the month ended 31 July 2019. Raw Material / Stores ledger Account Opening Work in Progress Balance Purchases Closing Balance * Amounts calculated in Question 2.3 and 2.5 respectively QUESTION 5 4 points Save Answer HIP Fashion Designers (HFD) Limited closing stores operates an interlocking financial and cost accounting system On the 30 June 2019 the following were among the balances in the cost ledger of the company, manufacturing a single product (namely: Winter coats) in a single production process. Material: R Raw Material control account 106 931 Finished Goods Account 136 400 The raw material ledger comprised the following balances at 30 June 2019. Direct Materials: Suede 2 080 metres R53 040 Leather 1 560 metres R49 140 Indirect Material R4 751 During July 2019 the following transactions occurred in the records of HFD Limited. Raw Materials purchased on credit: Suede 2 205 metres at R26.20 per metre Leather: 1 810 metres at R33.40 per metre Indirect Material: R7 221 Raw Materials issued from stock Suede 2 570 metres Leather 2 023 metres Indirect Material: R6 971 Save Answers Save and Submit Chel Save and submit to save and subunit. Click Save all answers to sare all answers. kboard.com/ultra/courses/_27206_1/cl/outline Question Completion Status: Indirect Material: R6 971 Direct Materials are issued at weighted average prices (calculated at the end of the month, to two decimal places) Finished Goods: R272 160 of Work-in-progress was transferred to the Finished goods production account at the end of July 2019 Production of HFD Limited single product was 168 Winter Coats. Stocks of finished goods 'Winter coats' were: 30 June 2019 88 Winter Coats 31 July 2019 102 Winter Coats Transfers from finished goods stocks on sale of the product are made on a FIFO (First-in-first-out) basis. Complete the following general ledger account for the month ended 31 July 2019. Raw Material / Stores ledger Account Opening Work in Progress Balance Purchases Closing Balance * Amounts calculated in Question 2.3 and 2.5 respectively
