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I need answers 5, 6, 7, and 8 I need answers 5, 6, 7, and 8 Problem 2-23A T-Account Analysis of Cost Flows [LO1, LOS,
I need answers 5, 6, 7, and 8
I need answers 5, 6, 7, and 8
Problem 2-23A T-Account Analysis of Cost Flows [LO1, LOS, LO6, LO7 Selected T-accounts for Rolm Company are given below for the just completed year: Raw Materials Manufacturing Overhead Bal. 1/1 Debits 30,000 420,000 385,000 Credits Ba 2/31 60,000 Factory Wages Payable 810,000 Work in Process Bal. 1/1 Direct materials Direct labor Ovcrhcad 10,000 175,000 179.000 Bal. 1/1 Credits 70,000 320,000 110,000 400,000 Bal. 12:31 6,000 Bal 12/31 Finished Goods Cost of Goods Sold Bal. 1/1 Debits 40,000 Credits Debits Bal. 12/31 130,000 Required 1. What was the cost of raw materials put into production during the year? The cost of raw materials 2. How much of the materials in (1) above consisted of indirect materials? Indirect materials 3. How much of the factory labor cost for the ycar consisted of indirect labor? Indirect labor cost 4. What was the cost of goods manufactured for the year? Cost of goods manufactured 5,What was the cost of goods sold for the year (before considering underapplied or overapplied overhcad)? Cost of goods sold If overhead is applied to production on the basis of direct materials cost, what predetermined rate was in effect during the year? The predetermined overhead rate was % of direct materials cost 7.Was manufacturing overhead underapplied or overapplied? By how much? (Input the amount as a positive value.) Manufacturing overhead was (Click to selectjunderappliedoverapplied by Compute the ending balance in the Work in Process inventory account. Assume that this materials cost, how much of it is direct labor cost? Manufacturing overhead cost? Ending balancc in the work in process 8.balance consists cntircly of goods started during the ycar. If S32,000 of this balance is direct Direct labor cost Manufacturing overhead costStep by Step Solution
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