hw3 q1

req 6-8

Cually ale given below for the just completed year Raw Materials Credit Debit Balance 1/1 Debits Balance 12/31 042421 16,000 Credits 122,000 26,000 Manufacturing Overhead 233,300 Credits Debit Debits Credit work In Process ebook Debit Credit 473,000 Balance 1/1 Direct materials Direct labor Overhead Balance 12/31 21,000 Credits 91.000 153,000 244,500 Print Debit References Debits 9.500 182,000 4,500 Debit Balance 1/1 Debits Balance 12/31 Factory Wages Payable Credit 187,000 Balance 1/1 Credits Balance 12/31 Finished Goods Credit 41,000 Credits 2 61.500 Cost of Goods Sold Credit Debit Debits Required: 1. What was the cost of raw materials used in production during the year? 2. How much of the materials in (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 unadjusted cost of goods sold for the year? Do not include any underapplied or overapplied overhead in your answer 6. If overhead is applied to production on the basis of direct labor cost, what predetermined overhead rate was in effect during the year? 7 Was manufacturing overhead underapplied or overapplied By how much? 8. Compute the ending balance in Work in Process. Assume that this balance consists entirely of goods started during the year. If $8,250 of this balance is direct labor cost, how much of it is direct materials cost? Applied overhead cost? Complete this question by entering your answers in the tabs below. Reg 1 to 5 Reg 6 Reg Req8 If overhead is applied to production on the basis of direct labor cost, what predetermined overhead rate was in effect during the year? The predetermined overhead rate was % of direct labor cost Reg 1 to 5 Reg 6 Reg 7 Reg 8 Was manufacturing overhead underapplied or overapplied? By how much? Manufacturing overhead was Compute the ending balance in Work in Process. Assume that this balance consists entirely of goods started during the year. It $8,250 of this balance is direct labor cost, how much of it is direct materials cost? Applied overhead cost? Ending balance in the work in process Direct materials cost Applied overhead cost Raw Materials Credit 2 Debit Balance 1/1 Debits Balance 12/31 16,000 Credits 122,000 26,000 Manufacturing Overhead Debit Credit Debits 238,800 Credits ? Work in Process Credit Credits 473,000 Debit Balance 1/1 Direct materials Direct labor Overhead Balance 12/31 21,000 91,000 153,000 244,800 Debit Debits 9,500 182,000 4.500 Debit Balance 1/1 Debits Balance 12/31 Factory Wages Payable Credit 187,00 Balance 1/1 Credits Balance 12/31 Finished Goods Credit 41,000 Credits E 61,500 Cost of Goods Sold Credit Debit Debits Required