Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Selected l-accounts of Moore Company are given below for the just completed year ? Debits Bal. 1/1 Debits Bal. 12/31 Manufacturing Overhead 188 18e Credits

image text in transcribed

Selected l-accounts of Moore Company are given below for the just completed year ? Debits Bal. 1/1 Debits Bal. 12/31 Manufacturing Overhead 188 18e Credits Raw Materials 35, Credits 160. 45,000 Work in Process 40,000 Credits 110,000 210.000 218,400 ? Finished Goods 68,000 Credits 530,000 Bal. 1/1 Direct materials Direct labor Overhead Bal. 12/31 Debits Factory Wages Payable 225, Bl. 1/1 Credits Bal 12/31 19, 220,000 14,000 Sal. 1/1 Debits Bal. 12/31 Cost of Goods Sold ? Debits 98,000 Required: 1 What was the cost of raw materials used in production during the year? 2. How much of the materials in 11) 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 $13.950 of this balance is direct labor cost, how much of it is direct materials cost? Applied overhead cost

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions