Selected ledger accounts for Realm Company are given below for the just completed year: ? Bal. 1/1 Debits Bal. 31/12 Raw Materials 3e, eee Credits 420, eee 60, eee Manufacturing Overhead 385, eee Credits Debits ? 810, 080 Bal. 1/1 Direct materials Direct labour Overhead Work in Process 7 , Credits 320,000 119, eee 400,000 ? Bal. 31/12 Debits Factory Wages Payable 179, eee Bal. 1/1 Credits Bal. 31/12 1 10,000 175, 6,000 ? Bal. 1/1 Debits Bal. 31/12 Finished Goods 40,000 Credit ? 130,000 Cost of Goods Sold ? Debits 5. What was the cost of goods sold for the year (before considering underapplied or overapplied overhead)? Answer is complete but not entirely correct. Cost of goods sold $400,000 6. If overhead is applied to production on the basis of direct materials cost. what rate was in effect during the year? Answer is complete but not entirely correct. Predetermined overhead rate 50 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 $32,000 of this balance is direct materials cost, how much of it is direct labour cost? Manufacturing overhead cost? Answer is complete but not entirely correct. Ending balance in the work in process Direct labour cost Manufacturing overhead cost $ $ 90,000 11,000 38,500