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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:
- What was the cost of raw materials used in production?
- How much of the materials in (1) above consisted of indirect materials?
- How much of the factory labor cost is indirect labor?
- What was the cost of goods manufactured?
- What was the unadjusted cost of goods sold? Do not include any underapplied or overapplied overhead in your answer.
- If overhead is applied to production using direct labor cost, what was the predetermined overhead rate?
- Was manufacturing overhead underapplied or overapplied? By how much?
- 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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