10 Questions
What is the purpose of the Material Control Account in the given information?
To record the purchase of raw materials
What is the purpose of the Work-in-Progress (WIP) Control Account in the given information?
To record the cost of direct materials used 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
What is the purpose of the Finished Goods Control Account in the given information?
To record the transfer of finished goods from the production department
What is the purpose of the Wages Control Account in the given information?
To record the cost of direct labor used in production
What is the purpose of the Office and Administration Overhead Control Account in the given information?
To record the administrative and office expenses incurred by the company
What is the purpose of the Selling and Distribution Overhead Control Account in the given information?
To record the selling and distribution expenses incurred by the company
What is the total value of the Finished Goods produced during the year?
10,80,000
What is the value of the Closing Stock of Finished Goods?
1,20,000
What is the total value of Sales for the year?
18,00,000
Learn about the process of transferring factory, administrative, and selling & distribution overheads to different control accounts in accounting. Understand how these amounts are recorded and managed in the financial statements.
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