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 $75,500 of this balance is direct labour cost, how much of it is direct material cost? Manufacturing overhead cost? Question 7 Time: 50 minutes Total: 28 marks Please answer the following questions relating to Ranjot and Himanshu company accounts (in thousands of dollars): Cost of Goods Sold Raw Materials 1001 Credits ? 9001 Debits Bal Beg Debits Bal. End -155 Manufacturing Overhead Debits 2202 Credits Work in Process Bal Beg 100 Credits 3505 Dir Mat 7041 Dir Lab 1000 Overhead 2006 Bal End Wages & Salaries Payable Debits 1300 Bal Beg. 200 Finished Goods Bal Beg. 100 Credits Credits 1205 Debits ? Bal End 105 Bal End 240