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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

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
Debit Credit
Balance 1/1 28,000 Credits ?question mark
Debits 146,000
Balance 12/31 38,000
Manufacturing Overhead
Debit Credit
Debits 203,800 Credits ?question mark
Work in Process
Debit Credit
Balance 1/1 33,000 Credits 509,000
Direct materials 103,000
Direct labor 189,000
Overhead 226,800
Balance 12/31 ?question mark
Factory Wages Payable
Debit Credit
Debits 211,000 Balance 1/1 15,500
Credits 206,000
Balance 12/31 10,500
Finished Goods
Debit Credit
Balance 1/1 53,000 Credits ?question mark
Debits ?question mark
Balance 12/31 79,500
Cost of Goods Sold
Debit Credit
Debits ?question mark

Required:

  1. What was the cost of raw materials used in production?
  2. How much of the materials in (1) above consisted of indirect materials?
  3. How much of the factory labor cost is indirect labor?
  4. What was the cost of goods manufactured?
  5. What was the unadjusted cost of goods sold? Do not include any underapplied or overapplied overhead in your answer.
  6. If overhead is applied to production using direct labor cost, what was the predetermined overhead rate?
  7. Was manufacturing overhead underapplied or overapplied? By how much?
  8. Compute the ending balance in Work in Process. Assume this balance consists entirely of goods started during the year. If $11,250 of this balance is direct labor cost, how much is direct materials cost? Applied overhead cost?

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