Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Only need questions 5-8 to be answered. Thanks! Required: 1. What was the cost of raw materials used in production during the year? 2. How

image text in transcribed
image text in transcribed
Only need questions 5-8 to be answered. Thanks!
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 $9,000 of this balance is direct labor cost, how much of it is direct materials cost? Applied overhead cost? Selected T-accounts of Moore Company are given below for the just completed year. Check Bal. 1/1 Debits Bal. 12/31 Debits Manufacturing Overhead 220,900 Credits Raw Materials 19,000 Credits 128,000 29,000 Work in Process 24,000 Credits 94,000 162,000 234,900 ? Finished Goods 44,889 Credits 482, eee Debits Bal. 1/1 Direct materials Direct labor Overhead Bal. 12/31 Factory Wages Payable 193,000 Bal. 1/1 Credits Bal. 12/31 11,000 10.000 6,800 Cost of Goods Sold Debit Bal. 1/1 Debits Bal. 12/31 66, eee 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?

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

Security Audit And Control Features SAP ERP

Authors: Isaca

4th Edition

1604205806, 978-1604205800

More Books

Students also viewed these Accounting questions

Question

What is the difference between Trigger and Stored Procedure?

Answered: 1 week ago