Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Selected T-accounts of Moore Company are given below for the just completed year: Bal. 1/1 Debita Raw Materials 35,000 Credits 160,000 45,000 Manufacturing Overhead 188,

image text in transcribed
image text in transcribed
Selected T-accounts of Moore Company are given below for the just completed year: Bal. 1/1 Debita Raw Materials 35,000 Credits 160,000 45,000 Manufacturing Overhead 188, 400 Credits Bal. 12/31 Dobito 530,000 Hork in Process Bal. 1/1 40,000 Credite Ditect materials 110,000 Direct labor 210,000 Overhead 218,400 Bal. 12/31 2 Factory Wagos Payablo Debito 225,000 Dal. 1/1 Credits Bal. 12/31 Finished Goods Bal. 1/1 60,000 Credito Debito 2 Bal. 12/31 90,000 cost of Goods Sold Debito 19.000 220,000 14,000 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 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 $13,950 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 to Expert-Tailored 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

Information Systems Control And Audit

Authors: Ron Weber

1st Edition

0139478701, 978-0139478703

More Books

Students also viewed these Accounting questions

Question

(a) There are five factors (A, B, C, D, and E).

Answered: 1 week ago