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Selected T-accounts of Moore Company are given below for the just completed year: Raw Materials Debit Credit Debit Balance 1/1 Debits 15,000 Credits 120,000
Selected T-accounts of Moore Company are given below for the just completed year: Raw Materials Debit Credit Debit Balance 1/1 Debits 15,000 Credits 120,000 2 Debits Manufacturing Overhead 230,000 Credits Credit Balance 12/31 25,000 Work in Process Factory Wages Payable Debit Credit Debit Credit Overhead Balance 1/1 Direct labor Balance 12/31 20,000 Credits 470,000 Debits Direct materials 90,000 150,000 185, 080 Balance 1/1 Credits Balance 12/31 9,900 189,900 4,000 240,000 Finished Goods Cost of Goods Sold Debit Credit Debit Credit Balance 1/1 Debits 40,000 2 Credits 2 Debits Balance 12/31 60,000 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 $8,000 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 1 to 5 Req 6 Req 7 Req 8 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 1 Cost of raw materials 2. Indirect materials 3. Indirect labor cost 4. Cost of goods manufactured 5. Unadjusted cost of goods sold Req 6 > Show less & $8,000 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 1 to 5 Req 6 Req 7 Req 8 If overhead is applied to production on the basis of direct labor cost, what predetermined overhead rate was in effect du the year? The predetermined overhead rate was 96 of direct labor cost $8,000 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 1 to 5 Req 6 Req 7 Req 8 Was manufacturing overhead underapplied or overapplied? By how much? Manufacturing overhead was by < Req 6 Req 8 > $8,000 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 1 to 5 Req 6 Req 7 Req 8 Compute the ending balance in Work in Process. Assume that this balance consists entirely of goods started during the year. If $8,000 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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