Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Problem 3-11 T-Account Analysis of Cost Flows (L03-2, LO3-3, L03-4) Selected T-accounts of Moore Company are given below for the just completed year: ? Debits

image text in transcribed
Problem 3-11 T-Account Analysis of Cost Flows (L03-2, LO3-3, L03-4) Selected T-accounts of Moore Company are given below for the just completed year: ? Debits Manufacturing Overhead 220,900 Credits Bal. 1/1 Debits Bal. 12/31 Raw Materials 19,000 Credits 128,000 29,000 Work in Process 24,000 Credits 94,000 162,000 234.900 482,000 Debits Bal. 1/1 Direct materials Direct labor Overhead Bal. 12/31 Factory Mages Payable 193,000 Bal. 1/1 Credits Bal 12/31 11,000 188,000 6,000 Finished Goods 44,000 Credits Cost of Goods Sold Debits Bal. 1/1 Debita Bal 12/31 66,000! 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? Complete this question by entering your answers in the tabs below. Reg 1 to 5 Reg 6 Rea Reos

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

Continuity Management Audit A Complete Guide

Authors: Gerardus Blokdyk

2019 Edition

0655845860, 978-0655845867

More Books

Students also viewed these Accounting questions

Question

What are the key components of effective tax planning?

Answered: 1 week ago