Selected T accounts for Moore Company are given below for the just completed year Raw Materials Manufacturing Overhead Bal 1 1 39,000 Credits Debits 211,000 Credits Debits 410,000 Bal 12 31 56,000 Work in Process Factory Wages Payable Bal 1 1 78,000 Credits 470,000 Debits 179,000 Bal 1 1 12,000 Direct materials 323,000 Credits 178,000 Direct labor 153,000 Bal 12 31 11,000 Overhead 252,450 Bal 12 31 Finished Goods Cost of Goods Sold Bal 1 1 41,000 Credit Debits Debits Bal 12 31 135,000 Required 1 What was the cost of raw materials put into production during the year 2 How much of the materials in (1) above consisted of indirect materials 3 How much of the factory labor cost for the year consisted of indirect labor 4 What was the cost of goods manufactured for the year 5 What was the cost of goods sold for the year (before considering underapplied or overapplied overhead) 6 If overhead is applied to production on the basis of direct labor cost, what rate was in effect during the year (Round your percentage answer to 2 decimal (i e , 0 1234 needs to be considered as 12 34 )) 7 Was manufacturing overhead underapplied or overapplied By how much Compute the ending balance in the Work in Process inventory account Assume that this balance consists entirely of goods started during the year If $32,600 of this balance is direct labor cost, how much of it is direct materials cost Manufacturing overhead cost (Round your predetermined overhead rate percentage and final answers to 2 decimal places )

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Posted on Aug 01, 2024

Selected T-accounts for Moore Company are given below for the just completed year:

Raw Materials

Manufacturing Overhead

Work in Process

Factory Wages Payable

Finished Goods

Cost of Goods Sold

Required:

1.	What was the cost of raw materials put into production during the year?

2.	How much of the materials in (1) above consisted of indirect materials?

3.	How much of the factory labor cost for the year consisted of indirect labor?

4.	What was the cost of goods manufactured for the year?

5.	What was the cost of goods sold for the year (before considering underapplied or overapplied overhead)?

6.	If overhead is applied to production on the basis of direct labor cost, what rate was in effect during the year? (Round your percentage answer to 2 decimal (i.e., 0.1234 needs to be considered as 12.34.))

7.	Was manufacturing overhead underapplied or overapplied? By how much?

	Compute the ending balance in the Work in Process inventory account. Assume that this balance consists entirely of goods started during the year. If $32,600 of this balance is direct labor cost, how much of it is direct materials cost? Manufacturing overhead cost? (Round your predetermined overhead rate percentage and final answers to 2 decimal places.)