(SOLVED)- Comfy Seats Furniture Pty Ltd incurred the following costs during


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Comfy Seats Furniture Pty Ltd incurred the following costs during the year:
Direct material…………………………………….$348,000
Direct labour………………………………………..648,000
Manufacturing overhead applied……………………360,000
Product costing $240,000 were finished, and products costing $264,000 were sold on credit for $390,000. There were no purchase of raw material during the year. The balances in the firm’s invest accounts at the beginning of the year were as follows:
Raw materials……………………………..$454,000
Work in process………………………………36,000
Finished goods……………………………….60,000
Required:
1. Prepare ledger accounts to show the flow of costs through the company’s manufacturing accounts during the year.
2. Prepare a partial balance sheet and a partial income statement to reflect the information given above.

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