Answered step by step
Verified Expert Solution
Question
1 Approved Answer
All help is greatly appreciated. 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
All help is greatly appreciated.
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 Raw Materials Mano notoring Overbend BR. 1/1 25,000 Credits 7 Debit 203,200 Credits 140,000 31. 12/31 35,000 Work in Process Factory Wages Payable Bl. 1/1 30.000 Credits 500,ODD Del 205.30 a 171 Direct materiale 100.000 Credits Direct labor 180,000 BAL 12/31 223,200 14,000 200,000 9.000 Cost of Goods Sold Pinished Good 50,000 Debica Bal 13731 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 $10.500 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. Red 1 to 5 Reg 6 Reg 7 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 yourStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started