1. Lakeview Corporation had the follwing account balances: Raw Material Manufacturing Overhead Bal. 1/1 30,000 420,000...

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1. Lakeview Corporation had the follþwing account balances: Raw Material Manufacturing Overhead Bal. 1/1 30,000 420,000 385,000 Bal. 12/31 60,000 Bal. 1/1 Direct material Work in Process 70,000 320,000 Factory Wages Payable 179,000 Bal.1/1 810,000 10,000 175,000 Direct labor Overhead 110,000 400,000 Bal. 12/31 6,000 Bal. 12/31 ? Finished Goods Cost of Goods Sold Bal. 1/1 40,000 ? ? Bal. 12/31 130,000 | Required: What was the cost of raw material put into production during the year? b. a. How much of the material from question 1 consisted of indirect material? How much of the factory labor cost for the year consisted of indirect labor? d. What was the cost of goods manufactured for the year? What was the cost of goods sold for the year (before considering under- or overapplied overhead)? f. C. e. If overhead is applied to production on the basis of direct material, what rate was in effect during the year? Was manufacturing overhead under- or overapplied? By how much? g- h. Compute the ending balance in the Work in Process Inventory account. Assume that this balance consists entirely of goods started during the year. If $32,000 of this balance is direct material cost, how much of it is direct labor cost? Manufacturing overhead cost? 1. Lakeview Corporation had the follþwing account balances: Raw Material Manufacturing Overhead Bal. 1/1 30,000 420,000 385,000 Bal. 12/31 60,000 Bal. 1/1 Direct material Work in Process 70,000 320,000 Factory Wages Payable 179,000 Bal.1/1 810,000 10,000 175,000 Direct labor Overhead 110,000 400,000 Bal. 12/31 6,000 Bal. 12/31 ? Finished Goods Cost of Goods Sold Bal. 1/1 40,000 ? ? Bal. 12/31 130,000 | Required: What was the cost of raw material put into production during the year? b. a. How much of the material from question 1 consisted of indirect material? How much of the factory labor cost for the year consisted of indirect labor? d. What was the cost of goods manufactured for the year? What was the cost of goods sold for the year (before considering under- or overapplied overhead)? f. C. e. If overhead is applied to production on the basis of direct material, what rate was in effect during the year? Was manufacturing overhead under- or overapplied? By how much? g- h. Compute the ending balance in the Work in Process Inventory account. Assume that this balance consists entirely of goods started during the year. If $32,000 of this balance is direct material cost, how much of it is direct labor cost? Manufacturing overhead cost?

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A Cost of Raw material but into production 3000042000060000 390000 B Indirect material Total materia... View the full answer