Question: Problem 3 - 1 1 ( Algo ) T - Account Analysis of Cost Flows [ LO 3 - 2 , LO 3 - 3

Problem 3-11(Algo) T-Account Analysis of Cost Flows [LO3-2, LO3-3, LO3-4]Selected T-accounts of Moore Company are given below for the just completed year:DebitRaw MaterialsBalance 1/1DebitsBalance 12/31DebitDebits23,000Credits136,00033,000Manufacturing OverheadCredit204,720CreditCreditsBalance 1/1Direct materialsDirect laborOverheadBalance 12/31DebitWork in Process28,00098,000174,000222.720CreditCredits494,000DebitsDebitFactory Wages Payable201,000BaLance 1/1CreditsFinishedBalance 12/31GoodsCredit13,000196,0008,000DebitBalance 1/1DebitsBalance 12/31Credit48,000CreditsDebit72,000Cost of GoodsSoldDebitsCreditRequired:1. What was the cost of raw materials used in production during the year2. 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 Movemeat saplete prostet odise fee or diet lap or whar predetermined overred ale a nee drug answer.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 $10.000 of this balance is direct labor cost, how much of it is direct materials cost? Applied overhead cost?
 Problem 3-11(Algo) T-Account Analysis of Cost Flows [LO3-2, LO3-3, LO3-4]Selected T-accounts

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!