Selected T-accounts of Moore Company are given below for the just completed year. Raw Materials Manufacturing...
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 Manufacturing Overhead Debit Credit Debit Credit Balance 1/1 30,000 Credits Debits 189,500 Credits Debits 150,000 Balance 12/31 40,000 Work in Process Factory Wages Payable Debit Credit Debit Credit Balance 1/1 35,000 Credits 515,000 Debits Direct materials 105,000 Direct labor 195,000. 215,000 Balance 1/1 Credits Balance 12/31 16,500 210,000 11,500 Overhead 214,500 Balance 12/31 Finished Goods Cost of Goods Sold Debit Credit Debit Credit Balance 1/1 55,000 Credits Debits Debits > Balance 12/31 82,500 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 underopplied 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 $11.750 of this balance is direct labor cost, how much of it is direct materials cost? Applied overhead cost? 5. What was the unadjusted cost of goods sold for the year? Do not include any underapplied or overapplied overhead in your ansv 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 $11,750 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 Req 7 Req 8 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. 1. Cost of raw materials 2. Indirect materials 3. Indirect labor cost 4. Cost of goods manufactured 5. Unadjusted cost of goods sold < Reg 1 to 5 Req 6 > Show less A Selected T-accounts of Moore Company are given below for the just completed year. Raw Materials Manufacturing Overhead Debit Credit Debit Credit Balance 1/1 30,000 Credits Debits 189,500 Credits Debits 150,000 Balance 12/31 40,000 Work in Process Factory Wages Payable Debit Credit Debit Credit Balance 1/1 35,000 Credits 515,000 Debits Direct materials 105,000 Direct labor 195,000. 215,000 Balance 1/1 Credits Balance 12/31 16,500 210,000 11,500 Overhead 214,500 Balance 12/31 Finished Goods Cost of Goods Sold Debit Credit Debit Credit Balance 1/1 55,000 Credits Debits Debits > Balance 12/31 82,500 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 underopplied 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 $11.750 of this balance is direct labor cost, how much of it is direct materials cost? Applied overhead cost? 5. What was the unadjusted cost of goods sold for the year? Do not include any underapplied or overapplied overhead in your ansv 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 $11,750 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 Req 7 Req 8 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. 1. Cost of raw materials 2. Indirect materials 3. Indirect labor cost 4. Cost of goods manufactured 5. Unadjusted cost of goods sold < Reg 1 to 5 Req 6 > Show less A
Expert Answer:
Related Book For
Managerial Accounting
ISBN: 9780073526706
12th Edition
Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer
Posted Date:
Students also viewed these accounting questions
-
Show an example of the Blue Ocean at work using In-N-Out, Tesla or Chipotle example. Use the 4-action framework.
-
Show that = E[(m(X) - X'p)] B = argmind (b) = (E[XX']) E[Xm(X)] = [E[XX'])E[XY]. berk Hint: To show E[Xm(X)] = E[XY] use the law of iterated expectations. then
-
Consider the market for Pop Rocks depicted in the diagram at right. a. If the Pop Rock industry were competitive, what would the competitive price and quantity be? b. If the Pop Rock industry were...
-
Refer to the data set in Table 2.16. a. Prepare a scatter diagram to show the relationship between the variables Market Value and Stockholders' Equity. b. Comment on any relationship between the...
-
The steel chisel has a diameter of \(0.5 \mathrm{in}\). and a length of \(10 \mathrm{in}\). It is struck by a hammer that weighs \(3 \mathrm{lb}\), and at the instant of impact it is moving at \(12...
-
Svetlana Pace is the advertising manager for Bargain Shoe Store. She is currently working on a major promotional campaign. Her ideas include the installation of a new lighting system and increased...
-
Write a MATLAB program that reads a 1x8 vector A, sorts its elements in descending order, then prints the vector after sorting. Inputs: Outputs: Algorithm: Start
-
Two transistors are needed for an integrated circuit. Of the eight available, three have broken insulation layers, two have poor diodes, and three are in good condition. Two transistors are selected...
-
Relative Purchasing Power Parity shows the relationship between exchange rates and inflation. The formula is E(St) = S0[1+(hFC-hCDN)]t where h refers to expected inflation in both the foreign country...
-
Your Grandmother at the start of your University Education gave you $10,000 which was deposited in a deposit account, where the interest is payable semi-annually and added to the principal balance....
-
Stock it has required return of 19% stock. B has a required return at 11% assume a risk free rate of 4.75%. How much does stock is risk premium exceed the premium of stock be
-
Revenue 850,000 Maintenance and Repair for medical building 40,800 Indirect Labour 32,300 Direct Materials purchase-artificial limbs 166,600 Medical centre utilities 28,900 Office building general...
-
The current price of corn is $6.20 per bushel. In addition, the cost of storing the corn for one month (including interest and storage costs) is $0.20 per bushel. There is a futures contract calling...
-
What is the AICPA Association of Government Accountants position on a peer review period covering only a single year?
-
The words without recourse on an indorsement means the indorser is: a. not liable for any problems associated with the instrument. b. not liable if the instrument is dishonored. c. liable personally...
-
Would you rather be involved in warfare as a member of a forager society or as a member of an industrial nation? Why?
-
How can the study of contemporary foragers provide us with an understanding of Paleolithic lifestyles?
-
What types of economic exchange would you expect to find in hunter-gatherer societies? Are the individuals in foraging societies more altruistic, magnanimous, and generous, or are they no more nobler...
Study smarter with the SolutionInn App