Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

W Problems Saved Selected T-accounts of Moore Company are given below for the just completed year: Help Save & Exit Submit Check my work Raw

W Problems Saved Selected T-accounts of Moore Company are given below for the just completed year: Help Save & Exit Submit Check my work Raw Materials Manufacturing Overhead Debit Credit Debit Credit Balance 1/1 Debits 34,000 Credits Debits 182,140 Credits 158,000 Balance 12/31 44,000 Mork in Process Factory Mages Payable Debit Credit Debit Credit Balance 1/1 39,000 Credits: 527,000 Debits 223,000 Direct materials 109,000 Balance 1/1 Credits 18,500 218,000 Direct labor 207,000 Balance 12/31 13,500 Overhead 211,140 Balance 12/31 Finished Goods Cost of Goods Sold Debit Credit Debit Credit Balance 1/1 59,000 Credits Debits 2 Debits Balance 12/31 88,500 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 $12,750 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 Req 7 Req 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. 1. Cost of raw materials 2. Indirect materials 3. Indirect labor cost 4. Cost of goods manufactured: 5. Unadjusted cost of goods sold Show less

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

Cima Official Learning System Fundamentals Of Business Mathematics

Authors: Graham Eaton

4th Edition

1856177831, 978-1856177832

More Books

Students also viewed these Accounting questions

Question

Manage and maintain a dialogic loop with audiences

Answered: 1 week ago

Question

Compose the six common types of social business messages.

Answered: 1 week ago

Question

Describe positive and neutral messages.

Answered: 1 week ago