Selected T-accounts of Moore Company are given below for the just completed year. Raw Materials Debit. Credit Balance 1/1 15,000 Credits Debits 120,000 Balance 12/31 25,000 Manufacturing Overhead Debit Credit Debits 230,000 Credits Work in Process Debit Credit Balance 1/1 20,000 Credits 470,000 Direct materials 90,000 Direct labor Overhead Balance 12/31 Debit 150,000 240,000 ? Debits Factory Wages Payable: 185,000 Balance 1/1 Credit Credits Balance 12/31 9,000 180,000 4,000 Finished Goods Debit Credit Balance 1/1 40,000 Credits Debits Balance 12/31 60,000 Cost of Goods Sold Debit Credit Debits 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 overopplied? 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. < Prev 16 of 23 Next >