Selected Moore Company T-accounts are provided below for the year just ended:

Raw Materials
bal. 1/1	24,000	Credits	?
Debts	138,000
bal. 31/12	34,000

Manufacturing overhead
Debts	214,640	Credits	?

Work in progress
bal. 1/1	29,000	Credits	497,000
Direct materials	99,000
Direct labour	177,000
General expenses	233,640
bal. 31/12	?

Factory wages payable
Debts	203,000	bal. 1/1	13,500
		Credits	198,000
		bal. 31/12	8,500

Finished products
bal. 1/1	49,000	Credits	?
Debts	?
bal. 31/12	73,500

cost of goods sold
Debts	?

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's labor cost for the year consisted of indirect labor?

4. What was the cost of goods manufactured during the year?

5. What was your unadjusted cost of goods sold during the year? Do not include in your answer any underapplied or overapplied overhead costs.

6. If overhead costs are applied to production on a direct labor cost basis, what default overhead rate was in effect during the year?

7. Were manufacturing overhead or excess applied? How much?

8. Calculate the ending balance in Work in Process. Assume that this balance consists entirely of goods started during the year. If $10,250 of this balance is direct labor costs, how much is direct material costs? Overhead cost applied?

Answer rating: 100% (QA)

To answer the questions we need to analyze the changes in the Taccounts and calculate the relevant values Heres a breakdown of each question and the corresponding calculations 1 What was the cost of r... View the full answer