Selected ledger accounts for Realm Company are given below for the just-completed year: Bal. 1/1 Debits Raw Materials 37,000 455,000 Bal. 31/12 74,000 Credits Debits Manufacturing Overhead 401,100 |Credits Bal. 1/1 Direct materials Direct labour Overhead Bal. 31/12 Work in Process 80,500 Credits 862,500 334,000 124,000 417,500 ? Factory Wages Payable Debits 196,500 Bal. 1/1 17,000 Credits 192,500 Bal. 31/12 13,000 Finished Goods Bal. 1/1 Debits 52,600 Credit ? Bal. 31/12 151,000 Debits Cost of Goods Sold ? | ? Required: 1. What was the cost of raw materials put into production during the year? Cost of raw materials $ 418,000 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 $32,700 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