Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Hello. I need help on the 4 required parts of the question. Thank you Selected T-accounts of Moore Company are given below for the just

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

Hello. I need help on the 4 required parts of the question. Thank you

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed
Selected T-accounts of Moore Company are given below for the just completed year: Raw Materials Manufacturing Overhead Bal. 1/1 35, 000 Credits ? Debits 188, 400 Credits ? Debits 160,000 Bal. 12/31 45,000 Work in Process Factory Wages Payable Bal. 1/1 40,000 Credits 530,000 Debits 225,000 Bal. 1/1 19,000 Direct materials 110,000 Credits 220,000 Direct labor 210,000 Bal. 12/31 14,000 Overhead 218, 400 Bal. 12/31 Finished Goods Cost of Goods Sold Bal. 1/1 60,000 Credits ? Debits Debits 2 Bal. 12/31 90,000 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 $13,000 of this balance is direct labor cost, how much of it is direct materials cost? Applied overhead cost?1. What was the cost of mw 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 overapplled overhead in your answer. Show Inst 1. Cost of raw materials . Indirect materials . Indirect labor cost . Cost of goods manufactured . Unadjusted east of goods sold 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 costWas manufacturing overhead underapplied or overapplied? By how much? Manufacturing overhead was byCompute the ending balance in Work in Process. Assume that this balance consists entirely of goods started during the year. If $13,000 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_2

Step: 3

blur-text-image_3

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

Accounting Chapters 1-13

Authors: Carl Warren

27th Edition

1337272108, 978-1337272100

More Books

Students also viewed these Accounting questions

Question

The role of life: It consists of your own service to yourself.

Answered: 1 week ago