Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Selected T - accounts of Moore Company are given below for the just completed year: Raw Materials Debit Credit Balance 1 / 1 2 7

Selected T-accounts of Moore Company are given below for the just completed year:
Raw Materials
Debit Credit
Balance 1/127,000 Credits ?
Debits 144,000
Balance 12/3137,000
Manufacturing Overhead
Debit Credit
Debits 197,480 Credits ?
Work in Process
Debit Credit
Balance 1/132,000 Credits 506,000
Direct materials 102,000
Direct labor 186,000
Overhead 219,480
Balance 12/31?
Factory Wages Payable
Debit Credit
Debits 209,000 Balance 1/115,000
Credits 204,000
Balance 12/3110,000
Finished Goods
Debit Credit
Balance 1/152,000 Credits ?
Debits ?
Balance 12/3178,000
Cost of Goods Sold
Debit Credit
Debits ?
Required:
What was the cost of raw materials used in production?
How much of the materials in (1) above consisted of indirect materials?
How much of the factory labor cost is indirect labor?
What was the cost of goods manufactured?
What was the unadjusted cost of goods sold? Do not include any underapplied or overapplied overhead in your answer.
If overhead is applied to production using direct labor cost, what was the predetermined overhead rate?
Was manufacturing overhead underapplied or overapplied? By how much?
Compute the ending balance in Work in Process. Assume this balance consists entirely of goods started during the year. If $11,000 of this balance is direct labor cost, how much is direct materials cost? Applied overhead cost?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting For Decision Makers

Authors: Peter Atrill, Eddie McLaney

7th Edition

027378563X, 9780273785637

More Books

Students also viewed these Accounting questions

Question

Describe the major barriers to the use of positive reinforcement.

Answered: 1 week ago