Touch Enterprises produces LCD touch screen products. The company reports the following information at December 31. Touch Enterprises began operations 11 months before on

Requirements
1. What is the cost of direct materials used?
2. What is the cost of indirect materials used?
3. What is the cost of direct labour?
4. What is the cost of indirect labour?
5. What is the cost of goods manufactured?
6. What is the cost of goods sold (before adjusting for any under- or overallocated manufacturing overhead)?
7. What is the actual manufacturing overhead?
8. How much manufacturing overhead was allocated to jobs?
9. What is the predetermined manufacturing overhead rate as a percentage of direct labour cost?
10. Is manufacturing overhead underallocated or overallocated? By how much?

Transcribed Image Text:

Raw Materials Inventory 52,000 32,000 Work in Process Manufacturing Wages Payable Finished Goods Inventory 123,000 111,000 Inventory Overhead 30,000 123,000 70,000 70,000 60,000 48,000 2,000 48,000 10,000 37,000 Balance 0