Accounting Overheads Transfer and Control Accounts
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Questions and Answers

What is the purpose of the Material Control Account in the given information?

  • To record the issue of raw materials to production
  • To record the purchase of raw materials (correct)
  • To record the closing stock of raw materials
  • To record the transfer of finished goods to the sales department

    • What is the purpose of the Work-in-Progress (WIP) Control Account in the given information?

  • To record the transfer of finished goods from the production department
  • To record the cost of direct labor used in production
  • To record the cost of direct materials used in production (correct)
  • To record the cost of manufacturing overhead incurred in production

    • What is the purpose of the Factory Overhead Control Account in the given information?

  • To record the cost of manufacturing overhead incurred in production (correct)
  • To record the transfer of finished goods from the production department
  • To record the cost of direct materials used in production
  • To record the cost of direct labor used in production

    • What is the purpose of the Finished Goods Control Account in the given information?

    <p>To record the transfer of finished goods from the production department</p> Signup and view all the answers

    What is the purpose of the Wages Control Account in the given information?

    <p>To record the cost of direct labor used in production</p> Signup and view all the answers

    What is the purpose of the Office and Administration Overhead Control Account in the given information?

    <p>To record the administrative and office expenses incurred by the company</p> Signup and view all the answers

    What is the purpose of the Selling and Distribution Overhead Control Account in the given information?

    <p>To record the selling and distribution expenses incurred by the company</p> Signup and view all the answers

    What is the total value of the Finished Goods produced during the year?

    <p>10,80,000</p> Signup and view all the answers

    What is the value of the Closing Stock of Finished Goods?

    <p>1,20,000</p> Signup and view all the answers

    What is the total value of Sales for the year?

    <p>18,00,000</p> Signup and view all the answers

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