Balance 1/1 Debits Balance 12/31 Debits Debit Raw Materials 15,000 120,000 25,000 Credit Credits 2 Manufacturing Overhead Debit Credit 230,000 Credits Work in Process Debit Credit 20,000 Credits 470,000 90,000 150,000 240,000 2 Balance 1/1 Direct materials Direct labor Overhead Balance 12/31 Debit Debits Factory Wages Payable 185,000 Balance 1/1 Credit Credits 9,000 180,000 Balance 12/31 4,000 Finished Goods Debit Credit: Balance 1/1 40,000 Credits Debits 2 Balance 12/31 60,000 Debits Debit Cost of Goods Sold Credit Debits 185,000 Balance 1/1 Credits Balance 12/31 9,000 180,000 4,000 Finished Goods Debit Credit Balance 1/1 40,000 Credits Debits 2 Balance 12/31 Debits 60,000 Cost of Goods Sold Debit Credit 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 $8,000 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. www B. Compute the ending balance in Work in Process. Assume that this balance consists entirely of goods started during the year. It $8,000 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 Req6> Dra 6 of 23 Navt Show less A 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 $8,000 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 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 < Req 1 to 5 Req 7 8. Compute the ending balance in Work in Process. Assume that this balance consists entirely of goods started during the year. If $8,000 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 Was manufacturing overhead underapplied or overapplied? By how much? Manufacturing overhead was by < Req 6 Req 8 > 8. Compute the ending balance in Work in Process. Assume that this balance consists entirely of goods started during $8,000 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 R 8 Compute the ending balance in Work in Process. Assume that this balance consists entirely of goods started during the yea $8,000 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