Question

Diamond Manufacturers estimated following information for the upcoming year

$

Manufacturing overheads 452000

Direct labour hours 42000

Direct labour cost 1050000

Direct material cost 404000

Company determines its manufacturing overhead rate by using direct material cost as base. Following transactions were occurred during the year

• Direct material was purchased on account amount to $339000

• Indirect material was purchased for cash $40010

• Direct material issued to production was $271200

• Indirect material issued to production was $36009

• 25890 actual direct labour hours were used during the year with actual cost was $621360

• Amount of salaries paid to factory manager, accountant, and supervisor was $ 120,000

• Applied manufacturing overhead was ?

• Cost of goods manufactured during the year was $942560

• During the year sales was made on account of amount $1284000. Cost of these goods were $772899.19999999995

Requirements

 Record above transactions in Journal. (09 marks)

 Prepare ledger accounts of Raw Material, Work in Process, Finished Goods, Manufacturing Overhead, and Cost of goods sold. (04 marks)

 Close the manufacturing overhead account to Work in Process, Finished Goods, and Cost of goods sold account. There were no beginning inventories at the start of year. (04 marks)

 Calculate the gross profit. (03 marks)​

Answer 1

Answer:

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