Question
Problem 3-11 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
Problem 3-11 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 | |||
| Bal. 1/1 | 23,000 | Credits | ? |
| Debits | 136,000 | ||
| Bal. 12/31 | 33,000 | ||
| Manufacturing Overhead | |||
| Debits | 204,720 | Credits | ? |
| Work in Process | |||
| Bal. 1/1 | 28,000 | Credits | 494,000 |
| Direct materials | 98,000 | ||
| Direct labor | 174,000 | ||
| Overhead | 222,720 | ||
| Bal. 12/31 | ? | ||
| Factory Wages Payable | |||
| Debits | 201,000 | Bal. 1/1 | 13,000 |
| Credits | 196,000 | ||
| Bal. 12/31 | 8,000 | ||
| Finished Goods | |||
| Bal. 1/1 | 48,000 | Credits | ? |
| Debits | ? | ||
| Bal. 12/31 | 72,000 | ||
| Cost of Goods Sold | |||
| Debits | ? | ||
Required:
8. Compute the ending balance in Work in Process. Assume that this balance consists entirely of goods started during the year. If $10,000 of this balance is direct labor cost, how much of it is direct materials cost? Applied overhead cost?
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1st Edition
6204682652, 978-6204682655
