Balance 1/1 Debits Balance 12/31 Debits Debit Raw Materials 31,000 152,000 Credit Credits 41,000 Manufacturing Overhead Debit Credit 181,900 Credits Work in Process Debit Credit 36,000 Credits 518,000 106,000 198,000 207,900 ? Balance 1/1 Direct materials Direct labor Overhead Balance 12/31 Factory Wages Payable Debit Credit Debits 217,000 Balance 1/1 Credits 17,000 212,000 Balance 12/31 12,000 Finished Goods Debit Credit Balance 1/1 56,000 Credits Debits ? Balance 12/31 Debits Debit 84,000 Cost of Goods Sold ? 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 $12,000 of this balance is direct labor cost, bow much of it is direct materials cost? Applied overhead cost