Question
Required: 1. What was the cost of raw materials put into production during the year? (Omit the $ sign in your response.) The cost of
Required: |
1. | What was the cost of raw materials put into production during the year? (Omit the "$" sign in your response.) |
The cost of raw materials | $ |
2. | How much of the materials in (1) above consisted of indirect materials? (Omit the "$" sign in your response.) |
Indirect materials | $ |
3. | How much of the factory labor cost for the year consisted of indirect labor? (Omit the "$" sign in your response.) |
Indirect labor cost | $ |
4. | What was the cost of goods manufactured for the year? (Omit the "$" sign in your response.) |
Cost of goods manufactured | $ |
5. | What was the cost of goods sold for the year (before considering underapplied or overapplied overhead)? (Omit the "$" sign in your response.) |
Cost of goods sold | $ |
6. | If overhead is applied to production on the basis of direct materials cost, what rate was in effect during the year? (Round your answer to 2 decimal places. Omit the "%" sign in your response.) |
The predetermined overhead rate was % of direct materials cost |
7. | Was manufacturing overhead underapplied or overapplied? By how much? (Input the amount as a positive value. Omit the "$" sign in your response.) |
Manufacturing overhead was (Click to select)underappliedoverapplied by $ |
8. | Compute the ending balance in the work in process inventory account. Assume that this balance consists entirely of goods started during the year. If $32,800 of this balance is direct materials cost, how much of it is direct labor cost? Manufacturing overhead cost? (Round your predetermined overhead rate percentage and final answers to 2 decimal places. Omit the "$" sign in your response.) |
Ending balance in the work in process | $ |
Direct labor cost | $ |
Manufacturing overhead cost | $ |
Selected T-accounts for Rolm Company are given below for the just completed year: |
Raw Materials | Manufacturing Overhead |
Bal. 1/1 36,000 | Credits ? | Debits 388,000 | Credits ? | |||
Debits 450,000 |
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Bal. 12/31 58,000 |
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Work in Process | Factory Wages Payable |
Bal. 1/1 72,000 | Credits 740,000 | Debits 177,000 | Bal. 1/1 12,000 | |||
Direct materials 328,000 |
| Credits 177,000 | ||||
Direct labor 112,000 |
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| Bal. 12/31 12,000 | |||
Overhead 410,000 |
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Bal. 12/31 ? |
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Finished Goods | Cost of Goods Sold |
Bal. 1/1 45,000 | Credit ? | Debits ? |
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Debits ? |
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Bal. 12/31 139,000 |
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