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Selected T-accounts for Rolm Company are given below for the just completed year: Raw Materials Manufacturing Overhead Bal. 1/1 37,000 Credits ? Debits 390,000 Credits

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

Raw Materials Manufacturing Overhead

Bal. 1/1 37,000

Credits ?

Debits 390,000

Credits ?

Debits 460,000

Bal. 12/31 59,000

Work in Process Factory Wages Payable

Bal. 1/1 71,000

Credits 710,000

Debits 178,000

Bal. 1/1 13,000

Direct materials 329,000

Credits 176,000

Direct labor 113,000

Bal. 12/31 11,000

Overhead 450,000

Bal. 12/31 ?

Finished Goods Cost of Goods Sold

Bal. 1/1 47,000

Credits ?

Debits ?

Debits ?

Bal. 12/31 133,000

Required:
1.

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

The cost of raw materials $
2.

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

Indirect materials $
3.

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

Indirect labor 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 predetermined rate was in effect during the year? (Round your answer to 2 decimal places.)

The predetermined overhead rate was % of direct materials cost
7.

Was manufacturing overhead underapplied or overapplied? By how much? (Input the amount as a positive value.)

Manufacturing overhead was (Click to select)underappliedoverapplied 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 $32,300 of this balance is direct materials cost, how much of it is direct labor cost? Manufacturing overhead cost? (Round your predetermined overhead rate percentage and final answers to 2 decimal places.)

Ending balance in the work in process $
Direct labor cost $
Manufacturing overhead cost $

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