Raw Materials Debit Manufacturing Overhead Credit Debit Credit Balance 1/1 32,000 Credits ? Debits 194,100 Credits...

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Raw Materials Debit Manufacturing Overhead Credit Debit Credit Balance 1/1 32,000 Credits ? Debits 194,100 Credits ? Debits 154,000 Balance 12/31 42,000 Work in Process Factory Wages Payable Debit Credit Debit Credit Balance 1/1 Direct materials Direct labor Overhead 37,000 Credits 521,000 Debits 107,000 201,000 219,000 Balance 1/1. Credits Balance 12/31 17,500 214,000 12,500 221,100 Balance 12/31 ? Finished Goods Cost of Goods Sold Debit Credit Debit Credit Balance 1/1 57,000 Credits ? Debits ? Debits ? Balance 12/31 85,500 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 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 $12,250 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. 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. 1. Cost of raw materials 2. Indirect materials 3. Indirect labor cost 4. Cost of goods manufactured 5. Unadjusted cost of goods sold Show less A Raw Materials Debit Manufacturing Overhead Credit Debit Credit Balance 1/1 32,000 Credits ? Debits 194,100 Credits ? Debits 154,000 Balance 12/31 42,000 Work in Process Factory Wages Payable Debit Credit Debit Credit Balance 1/1 Direct materials Direct labor Overhead 37,000 Credits 521,000 Debits 107,000 201,000 219,000 Balance 1/1. Credits Balance 12/31 17,500 214,000 12,500 221,100 Balance 12/31 ? Finished Goods Cost of Goods Sold Debit Credit Debit Credit Balance 1/1 57,000 Credits ? Debits ? Debits ? Balance 12/31 85,500 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 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 $12,250 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. 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. 1. Cost of raw materials 2. Indirect materials 3. Indirect labor cost 4. Cost of goods manufactured 5. Unadjusted cost of goods sold Show less A

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To answer the required questions well break down the calculations step by step and provide diagrams where necessary Lets tackle each requirement one by one Requirement 1 What was the cost of raw mater... View the full answer