Balance 1/1 Debits Balance 12/31 Raw Materials Debit 138,000 34,000 24,000 Credits Manufacturing Overhead Credit ?...

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Balance 1/1 Debits Balance 12/31 Raw Materials Debit 138,000 34,000 24,000 Credits Manufacturing Overhead Credit ? Debit Credit Debits 214,648 Credits Work in Process Debit Credit Balance 1/1 29,000 Credits 497,000 Direct materials 99,000 Direct labor Overhead 177,000 233,648 Balance 12/31 ? Factory Wages Payable Debit Credit Debits 203,000 Balance 1/1 Credits Balance 12/31 13,500 198,000 8,500 Finished Goods Debit Credit Balance 1/1 49,000 Credits Debits Balance 12/31 73,500 Cost of Goods Sold Debit Credit Debits Required: 1. What was the cost of raw materials used in production? 2. How much of the materials in (1) above consisted of indirect materials? 3. How much of the factory labor cost is indirect labor? 4. What was the cost of goods manufactured? 5. What was the unadjusted cost of goods sold? Do not include any underapplied or overapplied overhead in your answer. 6. If overhead is applied to production using direct labor cost, what was the predetermined overhead rate? 7. Was manufacturing overhead underapplied or overapplied? By how much? 8. Compute the ending balance in Work in Process. Assume this balance consists entirely of goods started during the year. If $10,250 of this balance is direct labor cost, how much is direct materials cost? Applied overhead cost? Balance 1/1 Debits Balance 12/31 Raw Materials Debit 138,000 34,000 24,000 Credits Manufacturing Overhead Credit ? Debit Credit Debits 214,648 Credits Work in Process Debit Credit Balance 1/1 29,000 Credits 497,000 Direct materials 99,000 Direct labor Overhead 177,000 233,648 Balance 12/31 ? Factory Wages Payable Debit Credit Debits 203,000 Balance 1/1 Credits Balance 12/31 13,500 198,000 8,500 Finished Goods Debit Credit Balance 1/1 49,000 Credits Debits Balance 12/31 73,500 Cost of Goods Sold Debit Credit Debits Required: 1. What was the cost of raw materials used in production? 2. How much of the materials in (1) above consisted of indirect materials? 3. How much of the factory labor cost is indirect labor? 4. What was the cost of goods manufactured? 5. What was the unadjusted cost of goods sold? Do not include any underapplied or overapplied overhead in your answer. 6. If overhead is applied to production using direct labor cost, what was the predetermined overhead rate? 7. Was manufacturing overhead underapplied or overapplied? By how much? 8. Compute the ending balance in Work in Process. Assume this balance consists entirely of goods started during the year. If $10,250 of this balance is direct labor cost, how much is direct materials cost? Applied overhead cost?