Question
Selected T-accounts of Moore Company are given below for the just completed year: Raw Materials Debit Credit Balance 1/1 Debits 35,000 Credits 160,000 33
Selected T-accounts of Moore Company are given below for the just completed year: Raw Materials Debit Credit Balance 1/1 Debits 35,000 Credits 160,000 33 Balance 12/31 45,000 awarded Manufacturing Overhead Debit Credit ored Debits 188,400 Credits Work in Process Debit Credit Balance 1/1 Direct materials 40,000 Credits 530,000 110,000 Book Direct labor Overhead 210,000 218,400 Balance 12/31 erences: Debita Factory Wages Payable Debit Credit 225,000 Balance 1/1 Credits Balance 12/31 19,000 220,000 14,000 Finished Goods Debit Credit Balance 1/11 Debits 60,000 Credits Balance 12/31 90,000 Cost of Goods Sold Debit Credit Debita 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 hot 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?
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