Problem 3-11 (Algo) T-Account Analysis of Cost Flows [LO3-2, LO3-3, LO3-4] Selected T-accounts of Moore Company are given below for the just completed year: Raw Materials 35,eee Credits Manufacturing Overhead 188, 188,409 Credits Debits Bal. 1/1 Debits Bal. 12/31 160, eee 45.ee Work in Process 40,eee Credits 110,000 210, eee 218,400 530,000 Bal. 1/1 Direct materials Direct labor Overhead Bal. 12/31 Debits Factory Wages Payable 225,eee Bal. 1/1 Credits Bal. 12/31 19, ose 229, eee 14,80 Cost of Goods Sold ? Debits Bal. 1/1 Debits Bal. 12/31 Finished Goods 60, eee Credits ? 90, 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? 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? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Reg 1 to 5 Req 6 Reg 7 Req8 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? Ending balance in the work in process Direct materials cost Applied overhead cost $ 48,400 $ 13,000 X S 13,000 X Problem 3-13 (Algo) Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement (LO3-3] Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost $ 219, eee $ 268,000 ? $ 157,800 $364, eee $ 353,800 Inventory balances at the beginning and end of the year were as follows: Raw materials Work in process Finished goods Beginning Ending $ 56,000 $ $ 33, eee ? $ 31, eee $ 37,000 ? The total manufacturing costs added to production for the year were $685,000: the cost of goods available for sale totaled $740,000: the unadjusted cost of goods sold totaled $660.000; and the net operating income was $30,000. The company's underapplied or overapplied overhead is closed to Cost of Goods Sold. Required: Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement. (Hint: Prepare the income statement and schedule of cost of goods sold first followed by the schedule of cost of goods manufactured.) % Answer is not complete. Complete this question by entering your answers in the tabs below. Income Statement COGS Schedule COM Schedule Prepare a schedule of cost of goods manufactured. Superior Company Schedule of Cost Goods Manufactured Beginning work in process inventory Direct materials: Beginning raw materials inventory $ 58,000 Add: Purchases of raw materials 268.000 Total raw materials available 324.000 Less: Ending raw materials inventory 33.000 Direct materials used in production Direct labor Manufacturing overhead applied to work in process Total manufacturing costs added to production Total manufacturing costs to account for Less: Ending work in process inventory Cost of goods manufactured S 291,000 30.000 384.000 685,000 685,000 31,000 $ 703,000