Chapter 3. Assignment saved 1 Selected accounts of Moore Company are given below for the just completed year Dom Debits Bal 12/31 Materials 15. Credits 120.000 25, Work in Process 20. Credits 90.00 150,00 240 470,00 Bai. 11 Direct waterials Direct labor Overhead Sal. 12/11 Victory Maren Payable 185,000 Sol. 11 Bal. 12731 Paint Bal 1/1 Finished Gods 40. Credits Debits Cost of Good Sald ? Bal 12/11 60,00 Required 1 What was the cost of raw materials used in production during the year? 2. How much of the materials in (t) 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 $8,000 of this balance is direct labor cost how much of it is direct materials cost? Applied overhead cost? 2. Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials 10 Dots Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost $ 140,000 $ 290,000 $ 109,000 $ 285,000 $ 270,000 ebook Inventory balances at the beginning and end of the year were as follows: Print Beginning $ 40,00 materials Work in process Finished goods Ending 5 10,00 $ 35.00 References 550,000 The total manufacturing costs added to production for the year were $683,000, the cost of goods available for sale totaled $740,000. the unadjusted cost of goods sold totaled $660,000, and the net operating income was $30,000. The company's underapplied or overapplied overhead is closed to cost of Goods Sold Required: Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement. (Hint Prepare the income statement and schedule of cost of goods sold first followed by the schedule of cost of goods manufactured.) Complete this question by entering your answers in the tabs below. Income Statement COGS Schedule COGM Schedule Prepare an income statement for the year. Superior Company Income Statement 0 Selling and administrative expenses: 0 Tacone Station COGS SC Income Statement COGS Schedule COGM Schedule Prepare a schedule of cost of goods sold. Superior Company Schedule of Cost of Goods Sold Adjusted cost of goods sold Complete this question by entering your answers in the tabs below. Income Statement COGS Schedule COGM Schedule es Prepare a schedule of cost of goods manufactured. Superior Company Schedule of Cost Goods Manufactured Direct materials Total raw materials available Direct materials used in production Total manufacturing costs added to production Total manufacturing costs to account for 0 Cost of goods manufactured
