Question 1 (20 marks) The balances in the perpetual inventory accounts of Green Hill Manufacturing...
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Question 1 (20 marks) The balances in the perpetual inventory accounts of Green Hill Manufacturing Limited at the beginning and end of the current year are as follows. Total dollar amounts debited and credited during the year to the accounts used in recording manufacturing activities are as follows. Instructions: a. Using these data, state or compute for the year the following amounts. (16 marks) 1. Direct materials purchased. 2. Direct materials used. 3. Payments of direct labour payrolls. 4. Direct labour cost assigned to production. 5. The overhead assigned to production stated as a percentage of direct labour costs. 6. Total manufacturing costs charged to the Work in Progress Inventory account during the year. 7. The cost of finished goods manufactured. 8. The cost of goods sold. 9. The total amount to be classified as inventory in the year-end balance sheet. b. Prepare a schedule of the cost of finished goods manufactured. (4 marks)
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