complete t-accounts for raw materials, work in process inventory, finished goods inventory, cost of goods sold, manufacturing overhead, sales

The following incomplete information is provided in relation to Lido Ltd for the month of January (i) Opening balances Raw materials $21,500 Work in process (WIP) Finished goods $43 ,300 $77,600 (ii) Closing balances Raw material WIP Finished goods $23,400 $38,200 $46,800 (iii) The actual labour rate is $15 per hour, and overhead is applied on the basis of $16.50 per direct labour hour. (iv) Jobs sold during the month were sold for $421,000 (credit sales). The cost of the goods sold during the month was $352,000 (v) Indirect material worth $5,600 were issued to production during January (vi) A total of 8,450 labour hours were worked during normal working hours. Employees also worked an additional 550 hours of overtime during the month. Overtime hours are paid at a rate of 150% of the normal hourly rate (vii) Sundry manufacturing overhead costs incurred during January were $120,000 Required: Complete the relevant T- accounts (provided on the next page) to show the flow of costs through the company's manufacturing accounts and answer the questions provided. (8 marks)