Selected T-accounts of Moore Company are given below for the just completed year: Raw Materials Debit...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Selected T-accounts of Moore Company are given below for the just completed year: Raw Materials Debit Credit Balance 1/1 Debits Balance 12/31 22,000 Credits 134,000 32,000 Manufacturing Overhead Debit Credit Debits 215,560 Credits Work in Process Debit Credit Balance 1/1 Credits 491,000 27,000 97,000 171,000 232,560 Direct materials Direct labor Overhead Balance 12/31 ? Factory Wages Payable Debit Credit 199,000 Balance 1/1 Credits Debits 12,500 194,000 Balance 12/31 7,500 Finished Goods Debit Credit Balance 1/1 47,000 Credits ? Debits Balance 12/31 ? 70,500 Cost of Goods Sold Debit Credit 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 $9,750 of this balance is direct labor cost, how much of it is direct materials cost? Applied overhead cost? Selected T-accounts of Moore Company are given below for the just completed year: Raw Materials Debit Credit Balance 1/1 Debits Balance 12/31 22,000 Credits 134,000 32,000 Manufacturing Overhead Debit Credit Debits 215,560 Credits Work in Process Debit Credit Balance 1/1 Credits 491,000 27,000 97,000 171,000 232,560 Direct materials Direct labor Overhead Balance 12/31 ? Factory Wages Payable Debit Credit 199,000 Balance 1/1 Credits Debits 12,500 194,000 Balance 12/31 7,500 Finished Goods Debit Credit Balance 1/1 47,000 Credits ? Debits Balance 12/31 ? 70,500 Cost of Goods Sold Debit Credit 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 $9,750 of this balance is direct labor cost, how much of it is direct materials cost? Applied overhead cost?
Expert Answer:
Answer rating: 100% (QA)
Selected Taccounts of Moore Company are given below for the justcompleted year 1 Beginning raw mater... View the full answer
Related Book For
Managerial Accounting
ISBN: 978-0697789938
13th Edition
Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer
Posted Date:
Students also viewed these accounting questions
-
Selected lodger accounts of Moore Company are given below for the just completed year: Required: 1. What was the cost of raw materials put into production during the year? 2. How much attic materials...
-
Selected T-accounts of Moore Company are given below for the just completed year: Required: 1. What was the cost of raw materials put into production during the year? 2. How much of the materials in...
-
Selected T-accounts for Rolm Company are given below for the just completed year: Required: 1. What was the cost of raw materials put into production during the year? 2. How much of the materials in...
-
Consider the problem of minimizing (x, y) = x subject to g(x, y) = (x 1) 3 y 2 = 0. (a) Show, without using calculus, that the minimum occurs at P = (1, 0). (b) Show that the Lagrange condition P =...
-
The probability of A is 0.60, the probability of B is 0.45, and the probability of both is 0.30. What is the conditional probability of A, given B? Are A and B independent in a probability sense?
-
The summary table giving the number of the 158,044 Finnish citizens in each IQ score/investment category is reproduced below. Again, suppose one of the citizens is selected at random. For...
-
MARRIOTT: Marketing Research Leads to Expanded Offerings Visit www.pearsonglobaleditions.com/malhotra to read the video case and view the accompanying video. Marriott: Marketing Research Leads to...
-
Peyton asks her assistant to collect details on those costs included in the $500,000 indirect-cost pool that can be traced to each individual job. After analysis, Wharton is able to reclassify...
-
Let (X,T) be a topological space, where A and B are subsets of X. Prove that (AUB)' A'U B'
-
Pasqual Melo is employed by a public corporation. On January 1, 20X0, she was given an option to purchase 1,000 shares of the public corporation for $8 per share (the option extended for two years)....
-
maximize 2x, +5x s.t. 2 2x + 5x = 13.
-
Explain the statement, "Directives get people out of their ruts with the smallest change possible." How does that happen? Give an example. Include at least one scholarly source to support the...
-
In 2020, COVID-19 had a significant impact on workplaces across the world. How would SHRM help a public service organization address the new reality post-COVID-19? How could it help with future...
-
Projects, as you've discovered in comparing the statistics between champion and underperforming organizations, can play a significant role in the strategic development of an organization. Why do you...
-
Describe at least 5 essential leadership skills for successful organization-wide change management in health care. In your opinion, which skill is the most essential considering its impact on...
-
Based on your experience, share an example of a Transformational, Servant or an Authentic Leaders. Describe the characteristics the person displays that represent that style. How do you think the...
-
ssignment Question 25, 11.5-20 If the Federal Reserve were to change from an expansionary to a contractionary monetary policy, this would be an example of O A. independent risk O B. unsystematic risk...
-
Starr Co. had sales revenue of $540,000 in 2014. Other items recorded during the year were: Cost of goods sold ..................................................... $330,000 Salaries and wages...
-
What is the contribution margin?
-
Profits have been decreasing for several years at Pegasus Airlines. In an effort to improve the companys performance, consideration is being given to dropping several flights that appear to be...
-
Wonderful Not only did our salespeople do a good job in meeting the sales budget this year, but our production people did a good job in controlling costs as well, said Kim Clark, president of Martell...
-
Why would a company switch to the LIFO method of inventory valuation? (a) By switching to LIFO, reported earnings will be higher. (b) A new tax law requires companies using LIFO for reporting...
-
Where can one most typically find the cost flow assumption used for inventory valuation for a specific company? (a) In The Risk Management Association, Annual Statement Studies. (b) In the statement...
-
How is goodwill evaluated? (a) Goodwill must be amortized over a 40-year period. (b) Goodwill should be written up each year. (c) Companies should determine whether goodwill has lost value, and if...
Study smarter with the SolutionInn App