Selected T-accounts of Moore Company are given below for the just completed year: Balance 1/1 Debits...

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Selected T-accounts of Moore Company are given below for the just completed year: Balance 1/1 Debits Balance 12/31 Debits Debit Debits Debit Balance 1/1 Direct materials Direct labor Overhead Balance 12/31 Debite Debit Debit Debit Balance 1/1 Debits Balance 12/31 Debit Raw Materials 18,000 Credits 126,000 28,000 Manufacturing Overhead 225,500 Credits Work in Process 23,000 Credits 93,000 159,000 238,500 7 Factory Hages Payable Finished Goods 43,000 Credita ? Credit 64,500 Cost of Goods Sold Credit 191,000 Balance 1/11 Credits Balance 12/31 Credit Credit Credit Credit 479,000 10,500 186,000 5,500 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 $8,750 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. 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 $8,750 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. Req 1 to 5 Req 6 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. Show less A 1. Cost of raw materials 2. Indirect materials 3. Indirect labor cost 4. Cost of goods manufactured 5. Unadjusted cost of goods sold Req 7 $ $ $ Req 8 119,000 27,000 479,000 Req 6 > Balance 12/31 Debits Debits Debit Balance 1/1 Debits Balance 12/31 Debit Debit Factory Wages Payable: 191,000 Balance 1/1 Credits Balance 12/31 Req 1 to 5 Finished Goods 43,000 Credits 2 64,500 Cost of Goods Sold Req 6 Credit 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? Credit 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? Credit 5. What was the unadjusted cost of goods sold for the year? Do not include any underapplied or overapplied overhead in your answe 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 $8,750 of this balance is direct labor cost, how much of it is direct materials cost? Applied overhead cost? Req 7 Complete this question by entering your answers in the tabs below. Req 8 10,500 186,000 5,500 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 < Req 1 to 5 Req 7 > ces Balance 12/31 Debits Debit Debits Debit Balance 1/1 Debita Balance 12/31 Debit Factory Wages Payable. 191,000 Balance 1/1 Credits Finished Goods Req 6 Balance 12/31 43,000 Credits 2 64,500 Cost of Goods Sold. Req 7 Credit 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 answe 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 $8,750 of this balance is direct labor cost, how much of it is direct materials cost? Applied overhead cost? Req 8 Credit Complete this question by entering your answers in the tabs below. Credit Req 1 to 5 Was manufacturing overhead underapplied or overapplied? By how much? Manufacturing overhead was by 10,500 186,000 5,500 < Req 6 Req 8 > Balance 12/31 Debits Debit Debit Balance 1/1 Debits Balance 12/31 Req 1 to 5 Debit Factory Wages Payable 191,000 Balance 1/1 Credits Finished Goods 43,000 Credits 2 Balance 12/31 64,500 Cost of Goods Sold Req 7 Ending balance in the work in process Direct materials cost Applied overhead cost 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 answe 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 $8,750 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. Req 6 Compute the ending balance in Work in Process. Assume that this balance consists entirely of goods started during the year. If $8,750 of this balance is direct labor cost, how much of it is direct materials cost? Applied overhead cost? Req 8 Credit < Req 7 Credit 10,500 186,000 5,500 Rag 8 > Selected T-accounts of Moore Company are given below for the just completed year: Balance 1/1 Debits Balance 12/31 Debits Debit Debits Debit Balance 1/1 Direct materials Direct labor Overhead Balance 12/31 Debite Debit Debit Debit Balance 1/1 Debits Balance 12/31 Debit Raw Materials 18,000 Credits 126,000 28,000 Manufacturing Overhead 225,500 Credits Work in Process 23,000 Credits 93,000 159,000 238,500 7 Factory Hages Payable Finished Goods 43,000 Credita ? Credit 64,500 Cost of Goods Sold Credit 191,000 Balance 1/11 Credits Balance 12/31 Credit Credit Credit Credit 479,000 10,500 186,000 5,500 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 $8,750 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. 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 $8,750 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. Req 1 to 5 Req 6 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. Show less A 1. Cost of raw materials 2. Indirect materials 3. Indirect labor cost 4. Cost of goods manufactured 5. Unadjusted cost of goods sold Req 7 $ $ $ Req 8 119,000 27,000 479,000 Req 6 > Balance 12/31 Debits Debits Debit Balance 1/1 Debits Balance 12/31 Debit Debit Factory Wages Payable: 191,000 Balance 1/1 Credits Balance 12/31 Req 1 to 5 Finished Goods 43,000 Credits 2 64,500 Cost of Goods Sold Req 6 Credit 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? Credit 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? Credit 5. What was the unadjusted cost of goods sold for the year? Do not include any underapplied or overapplied overhead in your answe 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 $8,750 of this balance is direct labor cost, how much of it is direct materials cost? Applied overhead cost? Req 7 Complete this question by entering your answers in the tabs below. Req 8 10,500 186,000 5,500 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 < Req 1 to 5 Req 7 > ces Balance 12/31 Debits Debit Debits Debit Balance 1/1 Debita Balance 12/31 Debit Factory Wages Payable. 191,000 Balance 1/1 Credits Finished Goods Req 6 Balance 12/31 43,000 Credits 2 64,500 Cost of Goods Sold. Req 7 Credit 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 answe 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 $8,750 of this balance is direct labor cost, how much of it is direct materials cost? Applied overhead cost? Req 8 Credit Complete this question by entering your answers in the tabs below. Credit Req 1 to 5 Was manufacturing overhead underapplied or overapplied? By how much? Manufacturing overhead was by 10,500 186,000 5,500 < Req 6 Req 8 > Balance 12/31 Debits Debit Debit Balance 1/1 Debits Balance 12/31 Req 1 to 5 Debit Factory Wages Payable 191,000 Balance 1/1 Credits Finished Goods 43,000 Credits 2 Balance 12/31 64,500 Cost of Goods Sold Req 7 Ending balance in the work in process Direct materials cost Applied overhead cost 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 answe 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 $8,750 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. Req 6 Compute the ending balance in Work in Process. Assume that this balance consists entirely of goods started during the year. If $8,750 of this balance is direct labor cost, how much of it is direct materials cost? Applied overhead cost? Req 8 Credit < Req 7 Credit 10,500 186,000 5,500 Rag 8 >

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Accounting for Manufacturing Operations In the accounting records of manufacturing companies various inventory accounts are maintained It is done to r... View the full answer