Selected ledger accounts for Realm Company are given below for the just-completed y Bal. 1/1 Debits Raw Materials 47,000 505,000 Credits 5. What was the cost of goods sold for the year (before considering underapplied or overapplied overhead)? Cost of goods sold Bal.31/12 94,000 Manufacturing Overhead 6. If overhead is applied to production on the basis of direct materials cost, what rate was in effect during the year? Predetermined overhead 130 % Debits 441,800 Credits Work in Process rate Bal. 1/1 95,500 Credits 952,100 Direct materials 354,000 Direct labour 144,000 Overhead 460,200 Bal. 31/12 7 Debits Bal. 1/1 Debits Factory Wages Payable 221,500 Bal. 1/1 Credits 27,000 217,500 Bal. 31/12 23,000 Finished Goods 70,600 Credit ? ? 7. Was manufacturing overhead underapplied or overapplied? By how much? Manufacturing overhead was overapplied by $ 18,400 8. Compute the ending balance in the Work in Process inventory account. Assume that this balance consists en during the year. If $33,700 of this balance is direct materials cost, how much of it is direct labour cost? Manufact Ending balance in the work in process $ 101,600 Direct labour cost $ 29,522 Manufacturing overhead cost $ 38,378