Question
Selected T-accounts of Moore Company are given below for the just completed year: Raw Materials DebitCreditBalance 1/121,000Credits?Debits132,000Balance 12/3131,000 Manufacturing Overhead DebitCreditDebits210,800Credits? Work in Process DebitCreditBalance
Selected T-accounts of Moore Company are given below for the just completed year:
Raw MaterialsDebitCreditBalance 1/121,000Credits?Debits132,000Balance 12/3131,000 Manufacturing OverheadDebitCreditDebits210,800Credits? Work in ProcessDebitCreditBalance 1/126,000Credits488,000Direct materials96,000Direct labor168,000Overhead226,800Balance 12/31? Factory Wages PayableDebitCreditDebits197,000Balance 1/112,000Credits192,000Balance 12/317,000Finished GoodsDebitCreditBalance 1/146,000Credits?Debits?Balance 12/3169,000 Cost of Goods SoldDebitCreditDebits?
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 $9,500 of this balance is direct labor cost, how much of it is direct materials cost? Applied overhead cost?
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.
Show less
1. Cost of raw materials2. Indirect materials3. Indirect labor cost4. Cost of goods manufactured5. Unadjusted cost of goods sold
If overhead is applied to production on the basis of direct labor cost, what predetermined overhead rate was in effect during the year?
The predetermined overhead rate was% of direct labor cost
Was manufacturing overhead underapplied or overapplied? By how much?
Manufacturing overhead wasby
Compute the ending balance in Work in Process. Assume that this balance consists entirely of goods started during the year. If $9,500 of this balance is direct labor cost, how much of it is direct materials cost? Applied overhead cost?
Ending balance in the work in processDirect materials costApplied overhead cost
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started