Selected T-accounts for Rolm Company are given below for the just completed year:

Raw Materials

Manufacturing Overhead

Bal. 1/1                   38,000		Credits                 ?		Debits                388,000		Credits                 ?
Debits                   450,000
Bal. 12/31               55,000

 

Work in Process

Factory Wages Payable

Bal. 1/1                   79,000		Credits              780,000		Debits               177,000		Bal. 1/1                 10,000
Direct materials      328,000						Credits                181,000
Direct labor            119,000
Overhead               420,000						Bal. 12/31              14,000
Bal. 12/31                    ?

 

Finished Goods

Cost of Goods Sold

Bal. 1/1                  47,000		Credits                    ?		Debits                      ?
Debits                         ?
Bal. 12/31             138,000

Required:

1.	What was the cost of raw materials put into production during the year?

      

2.	How much of the materials in requirement 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 cost of goods sold for the year (before considering underapplied or overapplied overhead)?

       

6.	If overhead is applied to production on the basis of direct materials cost, what predetermined overhead rate was in effect during the year? (Round your answer to 2 decimal places.)

7.	Was manufacturing overhead underapplied or overapplied? By how much?

       

8.

Compute the ending balance in the Work in Process inventory account. Assume that this balance consists entirely of goods started during the year. If $32,200 of this balance is direct materials cost, how much of it is direct labor cost? Manufacturing overhead cost? (Round your predetermined overhead rate percentage and final answers to two decimal places.)