Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I just need help with questions 6, 7, and 8 Debits Manufacturing Overhead 188,400 Credits Bal. 1/1 Debits Bal. 12/31 Raw Materials 35,000 Credits 160,000
I just need help with questions 6, 7, and 8
Debits Manufacturing Overhead 188,400 Credits Bal. 1/1 Debits Bal. 12/31 Raw Materials 35,000 Credits 160,000 45,000 Work in Process 4e,eee Credits 110,000 210,eee 218,400 530,000 Debits Bal. 1/1 Direct materials Direct labor Overhead Bai. 12/31 Factory Wages Payable 225,000 Bal. 1/1 Credits Bal. 12/31 19,eee 228,eee 14,000 Finished Goods 60,000 Credits ? 90,000 ? Bal. 1/1 Debits Bal. 12/31 Debits Cost of Goods Sold ?1 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 $13.950 of this balance is direct labor cost, how much of it is direct materials cost? Applied overhead cost Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started