5. What was the unadjusted cost of goods sold? Do not include any underapplied or overapplied overhead in your answer. 6. If overhead is applied to production using direct labor cost, what was the predetermined overhead rate? 7. Was manufacturing overhead underapplied or overapplied? By how much? 8. Compute the ending balance in Work in Process. Assume this balance consists entirely of goods started during the year. If $9,0 of this balance is direct labor cost, how much is direct materials cost? Applied overhead cost? Complete this question by entering your answers in the tabs below. Required 1 to 5 Required 6 1. What was the cost of raw materials used in production? 2. How much of the materials in (1) above consisted of indirect materials? 3. How much of the factory labor cost is indirect labor? Required 7 Required 8 4. What was the cost of goods manufactured? 5. What was the unadjusted cost of goods sold? Do not include any underapplied or overapplied overhead in your answer. Show less A . Cost of raw materials . Indirect materials Indirect labor cost Cost of goods manufactured Unadjusted cost of goods sold $ $ $ 118,000 24,000 26,000 Required 6
5. What was the unadjusted cost of goods sold? Do not include any underapplied or overapplied overhead in your answer. 6. If overhead is applied to production using direct labor cost, what was the predetermined overhead rate? 7. Was manufacturing overhead underapplied or overapplied? By how much? 8. Compute the ending balance in Work in Process. Assume this balance consists entirely of goods started during the year. If $9,0 of this balance is direct labor cost, how much is direct materials cost? Applied overhead cost? Complete this question by entering your answers in the tabs below. Required 1 to 5 Required 6 1. What was the cost of raw materials used in production? 2. How much of the materials in (1) above consisted of indirect materials? 3. How much of the factory labor cost is indirect labor? Required 7 Required 8 4. What was the cost of goods manufactured? 5. What was the unadjusted cost of goods sold? Do not include any underapplied or overapplied overhead in your answer. Show less A . Cost of raw materials . Indirect materials Indirect labor cost Cost of goods manufactured Unadjusted cost of goods sold $ $ $ 118,000 24,000 26,000 Required 6
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Variance Analysis
In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.
Standard Costing
The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.
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