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Selected T-accounts of Moore Company are given below for the just completed year: Raw Materials Manufacturing Overhead 203,800 Bal. 1/1 Debits Debits Credits 28,000 146,000
Selected T-accounts of Moore Company are given below for the just completed year: Raw Materials Manufacturing Overhead 203,800 Bal. 1/1 Debits Debits Credits 28,000 146,000 Credits Bal. 12/31 38,000 Work in Process Factory Wages Payable 211,000 Bal. 1/1 Bal. 1/1 Direct materials 33,000 103,000 189,000 226,800 Credits 509,000 Debits 15,500 206,000 10,500 Credits Direct labor Bal. 12/31 Overhead Bal. 12/31 ? Finished Goods Cost of Goods Sold Credits Bal. 1/1 Debits 53,000 Debits ? Bal. 12/31 79,500 Required: 1. What was the cost of raw materials used in 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 unadjusted cost of goods sold for the year? Do not include any underapplied or overapplied overhead in your answer. 6. If overhead is applied to production on the basis of direct labor cost, what predetermined overhead rate was in effect during the year? 7. Was manufacturing overhead underapplied or overapplied? By how much? 8. Compute the ending balance in Work in Process. Assume that this balance consists entirely of goods started during the year. If $11,250 of this balance is direct labor cost, how much of it is direct materials cost? Applied overhead cost? Complete this question by entering your answers in the tabs below. Req 6 Req 7 Req 8 Req 1 to 5 If overhead is applied to production on the basis of direct labor cost, what predetermined overhead rate was in effect during the year? The predetermined overhead rate %of direct labor cost was Complete this question by entering your answers in the tabs below. Req 6 Req 7 Req 8 Req 1 to 5 Was manufacturing overhead underapplied or overapplied? By how much? Manufacturing overhead by was Complete this question by entering your answers in the tabs below. Req 6 Req 7 Req 8 Req 1 to 5 Compute the ending balance in Work in Process. Assume that this balance consists entirely of goods started during the year. If $11,250 of this balance is direct labor cost, how much of it is direct materials cost? Applied overhead cost? Ending balance in the work in process Direct materials cost Applied overhead cost
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