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 | 31,000 | Credits | ? |
| Debits | 152,000 | ||
| Bal. 12/31 | 41,000 | ||
| Manufacturing Overhead | |||
| Debits | 181,900 | Credits | ? |
| Work in Process | |||
| Bal. 1/1 | 36,000 | Credits | 518,000 |
| Direct materials | 106,000 | ||
| Direct labor | 198,000 | ||
| Overhead | 207,900 | ||
| Bal. 12/31 | ? | ||
| Factory Wages Payable | |||
| Debits | 217,000 | Bal. 1/1 | 17,000 |
| Credits | 212,000 | ||
| Bal. 12/31 | 12,000 | ||
| Finished Goods | |||
| Bal. 1/1 | 56,000 | Credits | ? |
| Debits | ? | ||
| Bal. 12/31 | 84,000 | ||
| Cost of Goods Sold | |||
| Debits | ? | ||
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 $12,000 of this balance is direct labor cost, how much of it is direct materials cost? Applied overhead cost?
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Wiley Federal Government Auditing Laws Regulations Standards And Practices
Authors: Edward F. Kearney, Roldan Fernandez, Jeffrey W. Green, David M. Zavada
2nd Edition
