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Please answer the following questions relating to Ranjot and Himanshu company accounts (in thousands of dollars): Raw Materials Cost of Goods Sold Bal Beg. 100 Credits ? Debits ? Debits 900 Bal. End ----------154 Manufacturing Overhead Work in Process Debits 2202 Credits ? Bal Beg. 100 Credits 3504 Dir Mat 703 Dir Lab 1000 Overhead Bal End 2005 ? Wages & Salaries Payable Finished Goods Debits 1300 Bal Beg. 200 Bal Beg. 100 Credits ? Credits 1204 -------- Debits ? --------- Bal End 104 Bal End 230 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 $75,400 of this balance is direct labour cost, how much of it is direct material cost? Manufacturing overhead cost?

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