Balance 1/1 Debits Balance 12/31 Raw Materials Debit 22,000 Credits 134,000 32,000 Manufacturing Overhead Credit ? Debit Credit Debits 215,560 Credits Work in Process Debit Credit Balance 1/1 27,000 Credits 491,000 Direct materials 97,000 Direct labor Overhead 171,000 232,560 Balance 12/31 ? Factory Wages Payable Debit Credit Debits 199,000 Balance 1/1 Credits Balance 12/31 12,500 194,000 7,500 Finished Goods Debit Credit Balance 1/1 Debits 47,000 Credits ? Balance 12/31 70,500 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 $9,750 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 < Req 1 to 5 Req 6 > Show less A