T account for raw material inventory, work in process, finished goods inventory, cost of goods sold, sales, manufacturing overhead,

please each step and if you can explain it by writing it down would be so much greatful

thanks

Question 1 - Process costing Job costing (13Marks) The following incomplete information is provided in relation to Kinney Ltd for the month of October. (i) Opening balances: Raw materials Work in process (WIP) Finished goods $21,500 $43,300 $77,600 (ii) Closing balances Raw material WIP Finished goods $23,400 $38,200 $46,800 The actual labour rate is $15 per hour, and overhead is applied at the rate 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 October. (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 October were $120,000. Required: (a) Complete the relevant T- accounts (provided on next page) to show the flow of costs through the company's manufacturing accounts and answer the questions provided. (8 marks) Question 1 - Process costing Job costing (13Marks) The following incomplete information is provided in relation to Kinney Ltd for the month of October. (i) Opening balances: Raw materials Work in process (WIP) Finished goods $21,500 $43,300 $77,600 (ii) Closing balances Raw material WIP Finished goods $23,400 $38,200 $46,800 The actual labour rate is $15 per hour, and overhead is applied at the rate 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 October. (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 October were $120,000. Required: (a) Complete the relevant T- accounts (provided on next page) to show the flow of costs through the company's manufacturing accounts and answer the questions provided. (8 marks)