Question
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 |
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Bal. 12/31 59,000 |
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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 |
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| Bal. 12/31 11,000 | |||
Overhead 450,000 |
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Bal. 12/31 ? |
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Finished Goods | Cost of Goods Sold |
Bal. 1/1 47,000 | Credits ? | Debits ? |
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Debits ? |
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Bal. 12/31 133,000 |
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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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