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Local Furniture Ltd (LFL)incurred the following production costs during the financial year 2021: Direct material Direct labour Manufacturing overhead applied $348,000 648,000 360,000 Product costing $240,000 were finished, and product costing $264,000 were sold on credit for $390,000. LFL purchased $50,000 worth of raw materials during the year. The inventory account balances at the beginning of the year were as follows: Raw materials Work in process Finished goods $454,000 36,000 60,000

Local Furniture Ltd (LFL)incurred the following production costs during the financial year 2021: Direct material Direct labour Manufacturing overhead applied $348,000 648,000 360,000 Product costing $240,000 were finished, and product costing $264,000 were sold on credit for $390,000. LFL purchased $50,000 worth of raw materials during the year. The inventory account balances at the beginning of the year were as follows: Raw materials Work in process Finished goods $454,000 36,000 60,000

Cornerstones of Cost Management (Cornerstones Series)
Cornerstones of Cost Management (Cornerstones Series)
4th Edition
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Don R. Hansen, Maryanne M. Mowen
Chapter2: Basic Cost Management Concepts
Section: Chapter Questions
Problem 13E: Wyandotte Company provided the following information for the last calendar year: During the year,...
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Required: a. Prepare the ledger accounts to show the flow of costs through LFL’s manufacturing accounts during the year. Correct answer from experts please ****************************************************************
1. Local Furniture Ltd (LFL)incurred the following production costs during the financial year 2021: Direct material Direct labour Manufacturing overhead applied $348,000 648,000 360,000 Product costing $240,000 were finished, and product costing $264,000 were sold on credit for $390,000. LFL purchased $50,000 worth of raw materials during the year. The inventory account balances at the beginning of the year were as follows: Raw materials Work in process Finished goods $454,000 36,000 60,000
Transcribed Image Text:1. Local Furniture Ltd (LFL)incurred the following production costs during the financial year 2021: Direct material Direct labour Manufacturing overhead applied $348,000 648,000 360,000 Product costing $240,000 were finished, and product costing $264,000 were sold on credit for $390,000. LFL purchased $50,000 worth of raw materials during the year. The inventory account balances at the beginning of the year were as follows: Raw materials Work in process Finished goods $454,000 36,000 60,000
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