Question: Use photo below to answer question Problem 3-11 T-Account Analysis of Cost Flows [LO3-2, LO3-3, LO3-4) Selected T-accounts of Moore Company are given below for
Problem 3-11 T-Account Analysis of Cost Flows [LO3-2, LO3-3, LO3-4) Selected T-accounts of Moore Company are given below for the just completed year: Manufacturing Overhead 215,560 Credits Bal. 1/1 Debits Bal. 12/31 22,000 Credits ?Debits 134,000 32,000 Hork in Process 27,000 Credits 97,000 Bal. 1/1 Direct materials Direct labor Overhead Bal. 12/31 491,000 Debits 199, 000Bal. 1/1 Credits Bal. 12/31 12,500 194,000 7,500 171,000 232,560 Finished Goods Cost of Goods sold 47,000 Credits Bal. 1/1 Debits Bal. 12/31 ? Debits 70,500 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 $9,750 of this balance is direct labor cost, how much of it is direct materials cost? Applied overhead cost?
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