Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

Selected T-accounts of Moore Company are given below for the just completed year: Bal. 1/1 Debits Raw Materials 15,000 Credits 120,000 25,000 Debita Manufacturing

image text in transcribed

Selected T-accounts of Moore Company are given below for the just completed year: Bal. 1/1 Debits Raw Materials 15,000 Credits 120,000 25,000 Debita Manufacturing Overhead 230,000 Credits Bal. 12/31 Bal. 1/1 Direct materials Direct labor Overhead Bal. 12/31 Bal. 1/1 Debits Bal. 12/31 Required: Work in Process 20,000 Credits 470,000 Debits Factory Mages Payable 185,000 90,000 Bal. 1/1 Credits 150,000 Bal. 12/31 9,000 180,000. 4,000 240,000 Finished Goods 40,000 60,000 Credits Cost of Goods Sold Debits 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?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Horngrens Financial And Managerial Accounting The Financial Chapters

Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura

6th Edition

9780134486840

Students also viewed these Accounting questions