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82 Q2 Selected ledger accounts for Realm Company are given below for the just-completed year: Bal. 1/1 Debits Bal. 31/12 Raw Materials 41,000 475,000 82,000 Credits ? 5. What was the cost of goods sold for the year (before considering underapplied or overapplied overhead)? Cost of goods sold Debits Manufacturing Overhead 427,400 Credits Bal. 1/1 Direct materials Direct labour Overhead Bal. 31/12 Debits Work in Process 86,500 Credits 904,100 342,000 132,000 444,600 ? Factory Wages Payable 206,500 Bal. 1/1 Credits 21,000 202,500 Bal. 31/12 17,000 Finished Goods Bal. 1/1 59,800 Credit Debits Bal. 31/12 ? 163,000 Debits Cost of Goods Sold ? Required: 1. What was the cost of raw materials put into production during the year? Cost of raw materials $ 208,000 2. How much of the materials in requirement 1 consisted of indirect materials? Indirect materials $ 41,600 3. How much of the factory labour cost for the year consisted of indirect labour? Indirect labour cost $ 90,000 4. What was the cost of goods manufactured for the year? Cost of goods manufactured $ 588,000 6. If overhead is applied to production on the basis of direct materials cost, what rate was in effect during the year? Predetermined overhead rate % 7. Was manufacturing overhead underapplied or overapplied? By how much? Manufacturing overhead was by 8. Compute the ending balance in the Work in Process inventory account. Assume that this balance consists entirely of goods started during the year. If $33,100 of this balance is direct materials cost, how much of it is direct labour cost? Manufacturing overhead cost? Ending balance in the work in process Direct labour cost Manufacturing overhead cost

82 Q2 Selected ledger accounts for Realm Company are given below for the just-completed year: Bal. 1/1 Debits Bal. 31/12 Raw Materials 41,000 475,000 82,000 Credits ? 5. What was the cost of goods sold for the year (before considering underapplied or overapplied overhead)? Cost of goods sold Debits Manufacturing Overhead 427,400 Credits Bal. 1/1 Direct materials Direct labour Overhead Bal. 31/12 Debits Work in Process 86,500 Credits 904,100 342,000 132,000 444,600 ? Factory Wages Payable 206,500 Bal. 1/1 Credits 21,000 202,500 Bal. 31/12 17,000 Finished Goods Bal. 1/1 59,800 Credit Debits Bal. 31/12 ? 163,000 Debits Cost of Goods Sold ? Required: 1. What was the cost of raw materials put into production during the year? Cost of raw materials $ 208,000 2. How much of the materials in requirement 1 consisted of indirect materials? Indirect materials $ 41,600 3. How much of the factory labour cost for the year consisted of indirect labour? Indirect labour cost $ 90,000 4. What was the cost of goods manufactured for the year? Cost of goods manufactured $ 588,000 6. If overhead is applied to production on the basis of direct materials cost, what rate was in effect during the year? Predetermined overhead rate % 7. Was manufacturing overhead underapplied or overapplied? By how much? Manufacturing overhead was by 8. Compute the ending balance in the Work in Process inventory account. Assume that this balance consists entirely of goods started during the year. If $33,100 of this balance is direct materials cost, how much of it is direct labour cost? Manufacturing overhead cost? Ending balance in the work in process Direct labour cost Manufacturing overhead cost

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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82 Q2 Selected ledger accounts for Realm Company are given below for the just-completed year: Bal. 1/1 Debits Bal. 31/12 Raw Materials 41,000 475,000 82,000 Credits ? 5. What was the cost of goods sold for the year (before considering underapplied or overapplied overhead)? Cost of goods sold Debits Manufacturing Overhead 427,400 Credits Bal. 1/1 Direct materials Direct labour Overhead Bal. 31/12 Debits Work in Process 86,500 Credits 904,100 342,000 132,000 444,600 ? Factory Wages Payable 206,500 Bal. 1/1 Credits 21,000 202,500 Bal. 31/12 17,000 Finished Goods Bal. 1/1 59,800 Credit Debits Bal. 31/12 ? 163,000 Debits Cost of Goods Sold ? Required: 1. What was the cost of raw materials put into production during the year? Cost of raw materials $ 208,000 2. How much of the materials in requirement 1 consisted of indirect materials? Indirect materials $ 41,600 3. How much of the factory labour cost for the year consisted of indirect labour? Indirect labour cost $ 90,000 4. What was the cost of goods manufactured for the year? Cost of goods manufactured $ 588,000 6. If overhead is applied to production on the basis of direct materials cost, what rate was in effect during the year? Predetermined overhead rate % 7. Was manufacturing overhead underapplied or overapplied? By how much? Manufacturing overhead was by 8. Compute the ending balance in the Work in Process inventory account. Assume that this balance consists entirely of goods started during the year. If $33,100 of this balance is direct materials cost, how much of it is direct labour cost? Manufacturing overhead cost? Ending balance in the work in process Direct labour cost Manufacturing overhead cost
Transcribed Image Text:82 Q2 Selected ledger accounts for Realm Company are given below for the just-completed year: Bal. 1/1 Debits Bal. 31/12 Raw Materials 41,000 475,000 82,000 Credits ? 5. What was the cost of goods sold for the year (before considering underapplied or overapplied overhead)? Cost of goods sold Debits Manufacturing Overhead 427,400 Credits Bal. 1/1 Direct materials Direct labour Overhead Bal. 31/12 Debits Work in Process 86,500 Credits 904,100 342,000 132,000 444,600 ? Factory Wages Payable 206,500 Bal. 1/1 Credits 21,000 202,500 Bal. 31/12 17,000 Finished Goods Bal. 1/1 59,800 Credit Debits Bal. 31/12 ? 163,000 Debits Cost of Goods Sold ? Required: 1. What was the cost of raw materials put into production during the year? Cost of raw materials $ 208,000 2. How much of the materials in requirement 1 consisted of indirect materials? Indirect materials $ 41,600 3. How much of the factory labour cost for the year consisted of indirect labour? Indirect labour cost $ 90,000 4. What was the cost of goods manufactured for the year? Cost of goods manufactured $ 588,000 6. If overhead is applied to production on the basis of direct materials cost, what rate was in effect during the year? Predetermined overhead rate % 7. Was manufacturing overhead underapplied or overapplied? By how much? Manufacturing overhead was by 8. Compute the ending balance in the Work in Process inventory account. Assume that this balance consists entirely of goods started during the year. If $33,100 of this balance is direct materials cost, how much of it is direct labour cost? Manufacturing overhead cost? Ending balance in the work in process Direct labour cost Manufacturing overhead cost
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