Selected T-accounts of Moore Company are given below for the just completed year Raw Materials Debit...

 

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Selected T-accounts of Moore Company are given below for the just completed year Raw Materials Debit Balance 1/1 Debits Balance 12/31 Debit Balance 1/1 Direct materials Direct labor Overhead Balance 12/31 Balance 1/1 Debits Balance 12/31 Debit 31,000 Credits 152,000 41,000 Work in Process 36,000 Credits 106,000 198,000 207,900 7 Finished Goods 56,000 Credits P 84,000 Credit Credit Credit Debits 518,000 Debits 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? Debit Debit Debit Manufacturing Overhead 181,900 Credits Factory Wages Payable 217,000 Credit Cost of Goods Sold Credit Balance 1/1 Credits Balance 12/31 Credit 17,000 212,000 12,000 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? h 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 $12,000 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 Balance 1/1 Debits Balance 12/31 Debit Balance 1/1 Direct materials Direct labor Overhead Balance 12/31 Balance 1/1 Debits Balance 12/31 Debit 31,000 Credits 152,000 41,000 Work in Process 36,000 Credits 106,000 198,000 207,900 7 Finished Goods 56,000 Credits P 84,000 Credit Credit Credit Debits 518,000 Debits 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? Debit Debit Debit Manufacturing Overhead 181,900 Credits Factory Wages Payable 217,000 Credit Cost of Goods Sold Credit Balance 1/1 Credits Balance 12/31 Credit 17,000 212,000 12,000 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? h 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 $12,000 of this balance is direct labor cost, how much of it is direct materials cost? Applied overhead cost?

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Cost bookkeeping Production expenses are recorded under different ledgers like direct material work ... View the full answer