Question 7 Time: 28 minutes Total: 17 marks Please answer the following questions relating to Ranjot and Himanshu company accounts (in thousands of dollars): Raw Materials Bal Beg Debits 111 Credits? 901 Debits Cost of Goods Sold ? Bal. End 155 Debits T Manufacturing Overhead Work in Process 2201 Credits Bal Beg 100 Credits 3504 Dir Mat 702 Dir Lab 1002 Overhead 2004 Bal End ? Debits Wages & Salaries Payable Finished Goods 1300 Bal Beg 200 Credits 1217 Bal Beg. Debits 101 Credits ? 11 Bal End 105 Bal End 242 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?