Balance 1/1 Debits Balance 12/31 Debit Raw Materials 18,000 Credits 126,000 28,000 Manufacturing Overhead Credit ? Debit Debits 225,500 Credits Credit ? Work in Process Debit Credit Overhead Balance 1/1 Direct materials Direct labor Balance 12/31 23,000 Credits 479,000 93,000 159,000 238,500 ? Factory Wages Payable Debit Credit Debits 191,000 Balance 1/1 Credits 16,500 186,000 Balance 12/31 5,500 Finished Goods Debit Credit Balance 1/1 43,000 Credits ? Debits Balance 12/31 64,500 Cost of Goods Sold Debit Credit Debits 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 $8,750 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 Show less A If overhead is applied to production on the basis of direct labor cost, what predetermined overhead rate was in effect during the year? The predetermined overhead rate was % of direct labor cost Was manufacturing overhead underapplied or overapplied? By how much? Manufacturing overhead was by Compute the ending balance in Work in Process. Assume that this balance consists entirely of goods started during the year. If $8,750 of this balance is direct labor cost, how much of it is direct materials cost? Applied overhead cost? Ending balance in the work in process Direct materials cost Applied overhead cost