Selected T-accounts for Rolm Company are given below for the just completed year: Raw Materials Manufacturing Overhead
Question:
| Selected T-accounts for Rolm Company are given below for the just completed year: |
| Raw Materials | Manufacturing Overhead | |||
Bal. 1/1 38,000 | Credits ? | Debits 388,000 | Credits ? | |||
Debits 450,000 |
| |||||
Bal. 12/31 55,000 |
|
| Work in Process | Factory Wages Payable | |||
Bal. 1/1 79,000 | Credits 780,000 | Debits 177,000 | Bal. 1/1 10,000 | |||
| Direct materials 328,000 | Credits 181,000 | |||||
| Direct labor 119,000 | ||||||
Overhead 420,000 |
| Bal. 12/31 14,000 | ||||
Bal. 12/31 ? |
| Finished Goods | Cost of Goods Sold | |||
Bal. 1/1 47,000 | Credits ? | Debits ? | ||||
Debits ? |
| |||||
Bal. 12/31 138,000 |
|
| Required: |
| 1. | What was the cost of raw materials put into production during the year? |
| 2. | How much of the materials in requirement 1 (above) consisted of indirect materials? |
| 3. | How much of the factory labor cost for the year consisted of indirect labor? |
| 4. | What was the cost of goods manufactured for the year? |
| 5. | What was the cost of goods sold for the year (before considering underapplied or overapplied overhead)? |
| 6. | If overhead is applied to production on the basis of direct materials cost, what predetermined overhead rate was in effect during the year? (Round your answer to 2 decimal places.) |
| 7. | Was manufacturing overhead underapplied or overapplied? By how much? |
| 8. | Compute the ending balance in the Work in Process inventory account. Assume that this balance consists entirely of goods started during the year. If $32,200 of this balance is direct materials cost, how much of it is direct labor cost? Manufacturing overhead cost? (Round your predetermined overhead rate percentage and final answers to two decimal places.) |
Expert Answer:
A 1 1 Particulars Amount 2 Openning raw material 38000 Add Purchase of raw mater... View the full answer
