Raw Materials 23,000 Credits 136,000 Selected T-accounts of Moore Company are given below for the just...

 

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Raw Materials 23,000 Credits 136,000 Selected T-accounts of Moore Company are given below for the just completed year: Bal. 1/1 Debits Debits Manufacturing Overhead 204,720 Credits ? Bal. 12/31 Bal. 1/1 Direct labor Overhead Bal. 12/31 33,000 Work in Process Direct materials 28,000 Credits 98,000 494,000 Debits Factory Wages Payable 201,000 Bal. 1/1 13,000 174,000 Credits Bal. 12/31 196,000 8,000 222,720 ? Bal. 1/1 Debits Bal. 12/31 Finished Goods Cost of Goods Sold 48,000 Credits ? Debits ? 72,000 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 $10,000 of this balance is direct labor cost, how much of it is direct materials cost? Applied overhead cost? Raw Materials 23,000 Credits 136,000 Selected T-accounts of Moore Company are given below for the just completed year: Bal. 1/1 Debits Debits Manufacturing Overhead 204,720 Credits ? Bal. 12/31 Bal. 1/1 Direct labor Overhead Bal. 12/31 33,000 Work in Process Direct materials 28,000 Credits 98,000 494,000 Debits Factory Wages Payable 201,000 Bal. 1/1 13,000 174,000 Credits Bal. 12/31 196,000 8,000 222,720 ? Bal. 1/1 Debits Bal. 12/31 Finished Goods Cost of Goods Sold 48,000 Credits ? Debits ? 72,000 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 $10,000 of this balance is direct labor cost, how much of it is direct materials cost? Applied overhead cost?

Answer rating: 100% (QA)

1 Cost of raw materials used Beginning inventory Purchases Ending inventory 23000 136000 33000 12600... View the full answer