QUESTION 6 3 points 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 2023 metres Indirect Material: R6 971 Direct Materials are issued at weighted average prices (calculated at the end of the month to two decimal Question Completion Status: 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. Below is a summary of the hours worked by HFD Limited workers Direct Indirect Workers Workers Hours worked Basic time 11 140 4250 Overtime 1 075 405 Productive time - direct workers 11 664 Basic Hourly Rate R7.50 R5.70 Overtime is paid at the basis rate, plus one third Overtime is regularly worked to meet production targets Overheads: Other manufacturing overheads totaled R112 194 which were settled in cash by HFD Limited. The total overheads amount was transferred to production as at the 31 July 2019 Complete the following general ledger account for the month ended 31 July 2019 WORK - IN - PROGRESS outline Question Completion Status: Productive time - direct workers 11 664 Basic Hourly Rate R7.50 R5.70 Overtime is paid at the basis rate, plus one third. Overtime is regularly worked to meet production targets. Overheads: Other manufacturing overheads totaled R112 194, which were settled in cash by HFD Limited The total overheads amount was transferred to production as at the 31 July 2019 Complete the following general ledger account for the month ended 31 July 2019: WORK - IN - PROGRESS Raw Material 132 248 Finished goods Direct Labour Closing Balance Overheads 153 290 QUESTION 6 3 points 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 2023 metres Indirect Material: R6 971 Direct Materials are issued at weighted average prices (calculated at the end of the month to two decimal Question Completion Status: 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. Below is a summary of the hours worked by HFD Limited workers Direct Indirect Workers Workers Hours worked Basic time 11 140 4250 Overtime 1 075 405 Productive time - direct workers 11 664 Basic Hourly Rate R7.50 R5.70 Overtime is paid at the basis rate, plus one third Overtime is regularly worked to meet production targets Overheads: Other manufacturing overheads totaled R112 194 which were settled in cash by HFD Limited. The total overheads amount was transferred to production as at the 31 July 2019 Complete the following general ledger account for the month ended 31 July 2019 WORK - IN - PROGRESS outline Question Completion Status: Productive time - direct workers 11 664 Basic Hourly Rate R7.50 R5.70 Overtime is paid at the basis rate, plus one third. Overtime is regularly worked to meet production targets. Overheads: Other manufacturing overheads totaled R112 194, which were settled in cash by HFD Limited The total overheads amount was transferred to production as at the 31 July 2019 Complete the following general ledger account for the month ended 31 July 2019: WORK - IN - PROGRESS Raw Material 132 248 Finished goods Direct Labour Closing Balance Overheads 153 290
