Selected T-accounts of Moore Company are given below for the just completed year: 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 $10,000 of this balance is direct labor cost, how much of it is direct materials cost? Applied overhead cost? The Polaris Company uses a job-order costing system. The following transactions occurred in October: a. Raw materials purchased on account, $209,000. b. Raw materials used in production, $188,000 (\$150,400 direct materials and $37,600 indirect materials). c. Accrued direct labor cost of $49,000 and indirect labor cost of $21,000. d. Depreciation recorded on factory equipment, $104,000. e. Other manufacturing overhead costs accrued during October, $131,000. f. The company applies manufacturing overhead cost to production using a predetermined rate of $6 per machine-hour. A total of 76,000 machine-hours were used in October. g. Jobs costing $513,000 according to their job cost sheets were completed during October and transferred to Finished Goods. h. Jobs that had cost $449,000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 30% above cost. Required: 1. Prepare journal entries to record the transactions given above. 2. Prepare T-accounts for Manufacturing Overhead and Work in Process. Post the relevant transactions from above to each account. Compute the ending balance in each account, assuming that Work in Process has a beginning balance of $36,000. Larned Corporation recorded the following transactions for the just completed month. a. $79,000 in raw materials were purchased on account. b. $77,000 in raw materials were used in production. Of this amount, $62,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $110,000 were paid in cash. Of this amount, $101,700 was for direct labor and the remainder was for indirect labor: d. Depreciation of $193,000 was incurred on factory equipment. Required: Record the above transactions in journal entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Froya Fabrikker AVS of Bergen, Nonway, is a small company that manufactures specialty heavy equipment for use in North Sea oil fields. The company uses a job-order costing system that applies manufacturing overhead cost to jobs on the basis of direct laborhours. Its predetermined overhead rate was based on a cost formula that estimated $399,000 of manufacturing overhead for an estimated allocation base of 1,050 direct labor-hours. The following transactions took place during the year: a. Raw materials purchased on account, $280,000. b. Raw materials used in production (all direct materials), $265,000. c. Utility bills incurred on account, $75,000(80% related to factory operations, and the remainder related to selling and administrative activities). d. Accrued salary and wage costs: e. Maintenance costs incurred on account in the factory, $70,000 f. Advertising costs incurred on account, $152,000, g. Depreciation was recorded for the year, $88,000 ( 85% related to foctory equipment, and the remainder related to selling and administrative equipment). h. Rental cost incurred on account, $113,000 ( 90% related to factory facilities, and the remainder related to selling and administrative facilities). 1. Manufacturing overhead cost was applied to jobs, \$ ? 1. Cost of goods manufactured for the year, $930,000. k. Sales for the year (all on account) totaled $2,000,000. These goods cost $960,000 according to their job cost sheets. The balances in the inventory accounts at the beginning of the year were: Required: 1. Prepare journal entries to record the preceding transactions. 2. Post your entries to T-accounts. (Don't forget to enter the beginning inventory balances above) The following cost data relate to the manufacturing activities of Chang Company during the just completed year: The company uses a predetermined overhead rate of $26 per machine-hour to apply overhead cost to jobs. A total of 19,800 machinehours were used during the year. Required: 1. Compute the amount of underapplied or overapplied overhead cost for the year. 2. Prepare a schedule of cost of goods manufactured for the year. Jurvin Enterprises is a manufacturing company that had no beginning inventories. A subset of the transactions that it recorded during a recent month is shown below. a. $76,800 in raw materials were purchased for cash. b. $71,600 in raw materials were used in production, Of this amount, $66,800 was for direct materials and the remainder was for indirect materials: c. Total labor wages of $150,500 were incurred and paid, Of this amount, $133,500 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $126,700 were incurred and paid. e. Manufacturing overhead of $123,500 was applied to production using the company's predetermined overhead rate. f. All of the jobs in process at the end of the month were completed. g. All of the completed jobs were shipped to customers. h. Any underapplied or overapplied overhead for the period was closed to Cost of Goods Sold: Required: 1. Post the above transactions to T-accounts. 2. Determine the adjusted cost of goods sold for the period: Dilion Products manufactures various machined parts to customer specifications. The company uses a job-order costing system and applies overhead cost to jobs on the basis of machine-hours. At the beginning of the year, the company used a cost formula to estimate that it would incur $4,312,500 in manufacturing overhead cost at an activity level of 575,000 machine-hours. The company spent the entire month of January working on a large order for 12,400 custom-made machined parts. The company had no work in process at the beginning of January, Cost data relating to January follow: a. Raw materials purchased on account, $320.000. b. Raw materials used in production, $254,000 ( 80% direct materials and 20% indirect materials) c. Labor cost accrued in the factory, $156.000 (one-third direct labor and two-thirds indirect labor). d. Depreciation recorded on factory equipment, $63,000. e. Other manufacturing overhead costs incurred on account, $85,600. f. Manufacturing overhead cost was applied to production on the basis of 40,510 machine-hours actually worked during the month. 9. The completed job for 12,400 custom-made machined parts was moved into the finished goods warehouse on January 31 to await delivery to the customer. (In computing the dollar amount for this entry, remember that the cost of a completed job consists of direct materials, direct labor, and opplied overhead.) Required: 1. Prepare journal entries to record items (a) through (f) above [ignore item (g) for the moment]. 2. Prepare T-accounts for Manufacturing Overhead and Work in Process. Post the relevant items from your journal entries to these Taccounts. 3. Prepare a journal entry for item (g) above. 4. If 10,900 of the custom-made machined parts are shipped to the customer in February, how much of this job's cost will be included in cost of goods sold for February