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Selected ledger accounts for Realm Company are given below for the just-completed year: Bal. 1/1 Debits Raw Materials 34,000 Credits 440,000 Bal. 31/12 68,000 Debits
Selected ledger accounts for Realm Company are given below for the just-completed year: Bal. 1/1 Debits Raw Materials 34,000 Credits 440,000 Bal. 31/12 68,000 Debits Manufacturing Overhead 394,200 Credits ? Work in Process Bal. 1/1 76,000 Credits 840,000 Direct materials 328,000 Direct labour 118,000 Overhead 410,000 Bal. 31/12 ? Debits Factory Wages Payable 189,000 Bal. 1/1 14,000 Credits 185,000 Bal. 31/12 10,000 Finished Goods Bal. 1/1 Debits 47,200 Credit ? Bal. 31/12 142,000 Debits Cost of Goods Sold ? Required: 1. What was the cost of raw materials put into production during the year? Cost of raw materials 2. How much of the materials in requirement 1 consisted of indirect materials? < Prev 5 of 5 Next > 2. How much of the materials in requirement 1 consisted of indirect materials? Indirect materials 3. How much of the factory labour cost for the year consisted of indirect labour? Indirect labour cost 4. What was the cost of goods manufactured for the year? Cost of goods manufactured 5. What was the cost of goods sold for the year (before considering underapplied or overapplied overhead)? 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? Predetermined overhead rate % 6. If overhead is applied to production on the basis of direct materials cost, what rate was in effect during the year? Predetermined overhead rate % 7. Was manufacturing overhead underapplied or overapplied? By how much? Manufacturing overhead was 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 $32,400 of this balance is direct materials cost, how much of it is direct labour cost? Manufacturing overhead cost? Ending balance in the work in process Direct labour cost Manufacturing overhead cost
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