Work in Process

Debit

Credit

Balance $1/1$

$25,000$

Credits

$485,000$

Direct materials

$95,000$

Direct labor

$165,000$

Overhead

$231,000$

Balance $12/31$

$?$

question mark

Factory Wages Payable

Debit

Credit

Debits

$195,000$

Balance $1/1$

$11,500$

Credits

$190,000$

Balance $12/31$

$6,500$

Finished Goods

Debit

Credit

Balance $1/1$

$45,000$

Credits

$?$

question mark

Debits

$?$

question mark

Balance $12/31$

$67,500$

Cost of Goods Sold

Debit

Credit

Debits

$?$

question mark

Required:

What was the cost of raw materials used in production?

How much of the materials in $(1)$ above consisted of indirect materials?

How much of the factory labor cost is indirect labor?

What was the cost of goods manufactured?

What was the unadjusted cost of goods sold? Do not include any underapplied or overapplied overhead in your answer.

If overhead is applied to production using direct labor cost, what was the predetermined overhead rate?

Was manufacturing overhead underapplied or overapplied? By how much?