Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Debit Credit Balance 1/1 Debits 32,000 Credits 154,000 Balance 12/31 Debits 42,000 Manufacturing Overhead. Debit Credit 194,100 Credits Work in Process Debit Credit 37,000 Credits

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed Debit Credit Balance 1/1 Debits 32,000 Credits 154,000 Balance 12/31 Debits 42,000 Manufacturing Overhead. Debit Credit 194,100 Credits Work in Process Debit Credit 37,000 Credits 521,000 107,000 201,000 221,100 2 Balance 1/1 Direct materials Direct labor Overhead Balance 12/31 Debit Factory Mages Payable Credit Debits 219,000 Balance 1/1 Credits 17,500 214,000 Balance 12/31 12,500 Pinished Goods Debit Credit Balance 1/1 57,000 Credits ? Debits. 7 Balance 12/31 85,500 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 $12,250 of this balance is direct labor cost, how much of it is direct materials cost? Applied overhead cost? 17 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 ans 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 $12,250 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 Show less A Debit Credit 021 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 w 6. If overhead is applied to production on the basis of direct labor cost, what predetermined overhead rate was in effect du 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 $12,250 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 Debit Credit 39 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 ove 6. If overhead is applied to production on the basis of direct labor cost, what predetermined overhead rate was in 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 di $12,250 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 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 6. If overhead is applied to production on the basis of direct labor cost, what predetermined overhead rate was in effect c 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 $12,250 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 Compute the ending balance in Work in Process. Assume that this balance consists entirely of goods started during the year. If $12,250 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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting

Authors: Karen W. Braun, Wendy M. Tietz, Rhonda Pyper

2nd canadian edition

133025071, 978-0133519761, 133519767, 978-0133523676, 133523675, 978-0133025071

More Books

Students also viewed these Accounting questions

Question

how to output COBOL program into HTML file?

Answered: 1 week ago

Question

What goals could you set to achieve HPTs for each of the projects?

Answered: 1 week ago

Question

What impact can leadership styles have on teams?

Answered: 1 week ago