{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-24T18:12:53-04:00", "answer_date": "2024-05-24 18:12:53", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1643768", "url": "\/study-help\/questions\/selected-ledger-accounts-for-realm-company-are-given-below-for-1643768", "question_creation_date_js": "2024-05-24T18:12:53-04:00", "question_creation_date": "May 24, 2024 06:12 PM", "meta_title": "[Solved] Selected ledger accounts for Realm Compan | SolutionInn", "meta_description": "Answer of - Selected ledger accounts for Realm Company are given below for the just-completed year: Bal. 1\/1 Debits Raw Materials | SolutionInn", "meta_keywords": "selected,ledger,accounts,realm,company,below,-completed,year,bal,1\/1,debits,raw", "question_title_h1": " Selected ledger accounts for Realm Company are given below for the just-completed year: Bal. 1\/1 Debits Raw Materials Bal. 31\/12 47,000 505,000 94,000 Credits", "question_title": " Selected ledger accounts for Realm Company are given below for the", "question_title_for_js_snippet": "Selected ledger accounts for Realm Company are given below for the just completed year Bal 1 1 Debits Raw Materials Bal 31 12 47,000 505,000 94,000 Credits Debits Manufacturing Overhead 441,800 Credits Credits 952,100 Bal 1 1 Direct materials Direct labour Overhead Bal 31 12 Work in Process 95,500 354,000 144,000 460,200 Debits Factory Wages Payable 221,500 Bal 1 1 27,000 Credits 217,500 Bal 31 12 23,000 Finished Goods Bal 1 1 Debits 70,600 Credit Bal 31 12 181,000 Selected ledger accounts for Realm Company are given below for the just completed year Bal 1 1 Debits Bal 31 12 Raw Materials 47,000 505,000 94,000 Credits Debits Manufacturing Overhead 441,800 Credits Credits 952,100 Bal 1 1 Direct materials Direct labour Overhead Bal 31 12 Work in Process 95,500 354,000 144,000 460,200 Debits Factory Wages Payable 221,500 Bal 1 1 27,000 Credits 217,500 Bal 31 12 23,000 Finished Goods Bal 1 1 Debits 70,600 Credit Bal 31 12 181,000 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 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 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 $33,700 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", "question_description": "\"image\"image\"image\"image\"image", "transcribed_text": "Selected ledger accounts for Realm Company are given below for the just-completed year: Bal. 1\/1 Debits Raw Materials Bal. 31\/12 47,000 505,000 94,000 Credits ? Debits Manufacturing Overhead 441,800 Credits ? Credits 952,100 Bal. 1\/1 Direct materials Direct labour Overhead Bal. 31\/12 Work in Process 95,500 354,000 144,000 460,200 ? Debits Factory Wages Payable 221,500 Bal. 1\/1 27,000 Credits 217,500 Bal. 31\/12 23,000 Finished Goods Bal. 1\/1 Debits 70,600 Credit ? Bal. 31\/12 181,000 ? Selected ledger accounts for Realm Company are given below for the just-completed year: Bal. 1\/1 Debits Bal. 31\/12 Raw Materials 47,000 505,000 94,000 Credits ? Debits Manufacturing Overhead 441,800 Credits ? Credits 952,100 Bal. 1\/1 Direct materials Direct labour Overhead Bal. 31\/12 Work in Process 95,500 354,000 144,000 460,200 ? Debits Factory Wages Payable 221,500 Bal. 1\/1 27,000 Credits 217,500 Bal. 31\/12 23,000 Finished Goods Bal. 1\/1 Debits 70,600 Credit ? Bal. 31\/12 181,000 ? 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? 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 % 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 $33,700 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", "related_book": { "title": "Managerial Accounting", "isbn": "978-0073526706, 9780073526706", "edition": "12th Edition", "authors": "Ray H. Garrison, Eric W. Noreen, Peter C. Brewer", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/104.jpg", "uri": "\/textbooks\/managerial-accounting-12th-edition-9780073526706", "see_more_uri": "\/textbooks\/business-financial-accounting" }, "free_related_book": { "isbn": "1133365434", "uri": "\/textbooks\/introductory-algebra-an-applied-approach-9th-edition-9781133365433", "name": "Introductory Algebra An Applied Approach", "edition": "9th Edition" }, "question_posted": "2024-05-24 18:12:53", "see_more_questions_link": "\/study-help\/questions\/business-general-management-2023-February-20", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/do-firms-follow-the-same-steps-for-impairment-testing-of", "description": "Do firms follow the same steps for impairment testing of finite- and indefinite- life intangible assets ? Explain.", "stars": 3 }, { "url": "\/using-the-information-provided-above-calculate-the-cost-of-sales-and", "description": "Using the information provided above, calculate the cost of sales and inventory value using the FIFO method.", "stars": 3 }, { "url": "\/study-help\/financial-and-managerial-accounting\/assume-the-same-information-as-bed13-except-that-the-discount", "description": "Assume the same information as BED-13 except that the discount rate is 12% instead of 10%. In this case, how much can Hanna expect to receive from the sale of these bonds?", "stars": 3 }, { "url": "\/study-help\/introduction-to-probability-statistics\/621-cerebral-blood-flow-cerebral-blood-flow-cbf-in-the-1983276", "description": "6.21 Cerebral Blood Flow Cerebral blood flow (CBF) in the brains of healthy people is normally distributed with a mean of 74 and a standard deviation of 16. a. What proportion of healthy people will...", "stars": 3 }, { "url": "\/from-the-partial-work-sheet-below-prepare-a-balance-sheet-1", "description": "From the partial work sheet below, prepare a balance sheet for Adams' ShoeShine. Adams' Shoe Shine Work Sheet (Partial) For Month Ended June 30, 20 -- BALANCE SHEET KIMESTATEMENT ACCOUNT TITLE DERIT...", "stars": 3 }, { "url": "\/study-help\/questions\/19-express-the-following-numbers-in-decimal-a-1011001012-9769740", "description": "1.9 Express the following numbers in decimal: (a) \" (10110.0101)2 (c) (26.24)s (e) (1011.1001)2 (b)\" (16.5)16 (d) (DABA.B)16", "stars": 3 }, { "url": "\/study-help\/questions\/makails-chocolate-limited-is-a-manufacturer-of-premium-chocolate-bars-4682632", "description": "Makails Chocolate Limited is a manufacturer of premium chocolate bars. The manager of the company has provided you with the following information & asked for your assistance in preparing the master...", "stars": 3 }, { "url": "\/study-help\/questions\/please-solve-with-complete-stepbystep-solutions-thanks-problem-3-given-4682221", "description": "PROBLEM 3 Given Diagram 3.1, answer Questions 3.1, 3.2 and 3.3 Diagram 3.1 Fa = 2,120 N Ff = 103 N 2,200 kg Question 3.1 What is the resultant force acting on the object? Your answer Question 3.2...", "stars": 3 }, { "url": "\/study-help\/questions\/this-is-the-question-this-question-is-a-compound-truefalse-4687362", "description": "This question is a compound true\/false question with 6 questions. The answers to 3 of these are true and the answers to the other 3 are false. Choose only the 3 \"true\" ones. (Note that the grader...", "stars": 3 }, { "url": "\/study-help\/questions\/sandork-inc-has-200-units-of-inventory-which-are-currently-4696237", "description": "Sandork, Inc., has 200 units of inventory which are currently priced $4.90 per unit at the market. Originally this inventory cost $5.50 per unit from an order of 400. Sandork, Inc., should take what...", "stars": 3 }, { "url": "\/study-help\/questions\/question-6-of-60-1-point-possible-graded-a-g-4700666", "description": "Question 6 of 60 1 point possible (graded) A g C a B n I_ OJ 8 Q Q '3. 2 8 a E s: 50100150200250300350400450500 Quantity of Steel (millions of tons) In the market depicted in the diagram above, if...", "stars": 3 }, { "url": "\/study-help\/questions\/your-organization-is-looking-to-adopt-an-agile-approach-for-4709966", "description": "Your organization is looking to adopt an Agile approach for the first time for an upcoming systems implementation. One of the senior managers approaches you and mentions that he had read somewhere...", "stars": 3 }, { "url": "\/study-help\/questions\/preparing-a-classified-balance-sheet-the-following-financial-data-for-8508975", "description": "Preparing a Classified Balance Sheet The following financial data for Crane Distributors was collected as of December 31, 2013. All accounts have normal balances $110,300 Accounts Payable $70,100...", "stars": 3 }, { "url": "\/outline-a-general-process-applicable-to-most-control-situations-using", "description": "Outline a general process applicable to most control situations. Using this, explain how you would develop a system to control home delivery staff at a local pizza shop.", "stars": 3 }, { "url": "\/study-help\/financial-management\/what-makes-an-investment-cash-flow-relevant-to-the-evaluation-1724486", "description": "What makes an investment cash flow relevant to the evaluation of an investment proposal?", "stars": 3 }, { "url": "\/study-help\/financial-management\/calculating-the-payback-period-npv-pi-and-irr-you-are-1724485", "description": "(Calculating the payback period, NPV, PI, and IRR) You are considering a project with an initial cash outlay of $80,000 and expected cash flows of $20,000 at the end of each year for six years. The...", "stars": 3 }, { "url": "\/study-help\/financial-management\/what-are-some-examples-of-synergistic-effects-that-affect-a-1724487", "description": "What are some examples of synergistic effects that affect a projects cash flows?", "stars": 3 } ], "next_back_navigation": { "previous": "\/study-help\/questions\/date-explanation-units-unit-cost-total-cost-sept-1-inventory-1643767", "next": "\/study-help\/questions\/marilyn-terrill-is-the-senior-auditor-for-the-audit-of-1643769" }, "breadcrumbs": [ { "name": "Study help", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers" }, { "name": "Business", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers\/business" }, { "name": "Accounting", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/business-accounting" }, { "name": " Selected ledger accounts for Realm Company are given below for the", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/selected-ledger-accounts-for-realm-company-are-given-below-for-1643768" } ], "skill_details": { "skill_id": "9", "skill_name": "Accounting", "parent_id": "1" } }", "parent_id": "1" } }