Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Chec Manufacturing Overhead 233,800 Credits ? 473,000 Debits Raw Materials Bal. 1/1 16,800 Credits Debits 122,000 Bal. 12/31 26,80 Work in Process Bal. 1/1 21,000

image text in transcribed
image text in transcribed
Chec Manufacturing Overhead 233,800 Credits ? 473,000 Debits Raw Materials Bal. 1/1 16,800 Credits Debits 122,000 Bal. 12/31 26,80 Work in Process Bal. 1/1 21,000 Credits Direct materials 91,000 Direct labor 153,000 Overhead 244,880 Bal. 12/31 Finished Goods Bal. 1/1 41,000 Credits Debits Bal. 12/31 61,500 Factory Wages Payable 187,000 Bal. 1/ 1 Credits Bal. 12/31 9 ,500 182,800 4,500 Cost of Goods Sold ? 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 8. Compute the ending balance in Work in Process. Assume that this balance consists entirely of goods started during the year. If $8,250 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. Req 1 to 5 Req 6 Reg 7 Reg 8 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 materials 2. Indirect materials 3. Indirect labor cost 4. Cost of goods manufactured 5. Unadjusted cost of goods sold Req6 > of 4 IF Score answer >

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

Effective Writing A For Accountants

Authors: Claire B. May, Gordon S. May

11th Edition

0134667387, 9780134667386

More Books

Students also viewed these Accounting questions

Question

Engage everyone in the dialogue

Answered: 1 week ago