Selected T accounts for Rolm Company are given below for the just completed year Raw Materials Manufacturing Overhead Bal 1 1 45,000 Credits Debits 402,000 Credits Debits 485,000 Bal 12 31 62,000 Work in Process Factory Wages Payable Bal 1 1 86,000 Credits 815,000 Debits 184,000 Bal 1 1 17,000 Direct materials 335,000 Credits 195,000 Direct labor 126,000 Overhead 455,000 Bal 12 31 28,000 Bal 12 31 Finished Goods Cost of Goods Sold Bal 1 1 54,000 Credits Debits Debits Bal 12 31 152,000 Required 1 What was the cost of raw materials put into production during the year 2 How much of the materials in requirement 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 materials cost, what predetermined overhead rate was in effect during the year (Round your answer to 2 decimal places ) 7 Was manufacturing overhead underapplied or overapplied By how much 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 $34,000 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 two decimal places )

Selected T-accounts for Rolm Company are given below for the just completed year: Raw Materials Manufacturing Overhead Bal. 1/1 45,000 Credits ? Debits 402,000 Credits

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Posted on Sep 08, 2024

Bal. 1/1 45,000

Debits 402,000

Debits 485,000

Bal. 12/31 62,000

Selected T-accounts for Rolm 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 requirement 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 materials cost, what predetermined overhead rate was in effect during the year? (Round your answer to 2 decimal places.)

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 $34,000 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 two decimal places.)