5-26 T-Account Analysis of Cost Flows [LO3, LO6, LO7] Selected ledger accounts for Realm Company are given below for the just-completed year. Raw Materials Bal. 1/1 Debits 33,000 435,000 Bal. 31/12 66,000 Debits Credits Manufacturing Overhead 391,900 Credits Bal. 1/1 Direct materials Direct labour Overhead Bal. 31/12 Debits 2 Work in Process 74,500 Credits 832,500 326,000 116,000 407,500 2 Factory Wages Payable 186,500 Bal. 1/1 13,000 Credits 182,500 Bal. 31/12 9,000 Finished Goods Bal. 1/1 Debits 45,400 Credit 2 Bal. 31/12 139,000 Debits Cost of Goods Sold 2 2 Required: 1. What was the cost of raw materials put into production during the year? Cost of raw materials 2. How much of the materials in requirement 1 consisted of indirect materials? Indirect materials 3. How much of the factory labour cost for the year consisted of Indirect labour? Indirect labour cost 4. What was the cost of goods manufactured for the year? Cost of goods manufactured 5. What was the cost of goods sold for the year (before considering underapplied or overapplied overhead)? Cost of goods sold 6. If overhead is applied to production on the basis of direct materials cost, what rate was in effect during the year? Predetermined overhead rate % 7. Was manufacturing overhead underapplied or overapplied? By how much? Manufacturing overhead was by