Problem 3-11 T-Account Analysis of Cost Flows [LO3-2, LO3-3, LO3-4]

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 Manufacturing Overhead Bal. 1/1 Debits Bal. 12/31 18,000 Credits ?Debits 225,500|Credits 126,000 28,000 Work in Process Factory Wages Pavable Bal. 1/1 Direct materials Direct labor Overhead Bal. 12/31 23,000 Credits 479,000 Debits 191,000Bal. 1/1 Credits Bal. 12/31 10,500 186,008 5, 500 93,000 238,500 Finished Goods 159,000e Cost of Goods Sold Bal. 1/1 Debits Bal. 12/31 43,000Credits ? Debits 64, 500 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 ear 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 $8,750 of this balance is direct labor cost, how much of it is direct materials cost? Applied overhead cost? 2 Complete this question by entering your answers in the tabs below Req 1 to 5 Req 6 Req 7 Req 8 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 Show less