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Required:a) Prepare the journal entries to record the assignment of costs during January 2022. (5 marks)b) Determine the following balances for the month ended 31
Required:a) Prepare the journal entries to record the assignment of costs during January 2022. (5 marks)b) Determine the following balances for the month ended 31 January 2022:(i) Raw Materials Inventory(ii) Cost of Goods Manufactured(iii) Finished Goods Inventory(6 marks)c) What is the amount of over- or underapplied overhead at 31 January 2022?Prepare the adjusting entries to close the manufacturing overhead balance as determined. (5 marks)d) What is the gross profit (adjusted) to be reported for January 2022?(4 marks)
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