Selected ledger accounts for Realm Company are given below for the just-completed year: Raw Materials 42,000 Credits 480,000 84,000 Bal. 1/1 Debits Bal. 31/12 Debits Bal. 1/1 Direct materials Direct labour Overhead Bal. 31/12 Debits Bal. 1/1 Debits Bal. 31/12 Manufacturing Overhead 429,800 Credits Debits Work in Process Credits 88,000 344,000 134,000 447, 200 ? Factory Wages Payable 209,000 Bal. 1/1 Credits Bal. 31/12 Cost of Goods Sold ?| Finished Goods 61,600 Credit ? 166,000 ? 22,000 205,000 18,000 ? 912, 100

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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1. What was the cost of raw materials put into production during the year? 

 

 

 

2. How much of the materials in requirement 1 consisted of indirect materials?

 

 

 

3. How much of the factory labour cost for the year consisted of indirect labour?

 

 

 

4. What was the cost of goods manufactured for the year?

 

 

 

5. What was the cost of goods sold for the year (before considering underapplied or overapplied overhead)?

 

 

 

6. If overhead is applied to production on the basis of direct materials cost, what rate was in effect during the year?

 

 

 

7. Was manufacturing overhead underapplied or overapplied? By how much?

 

 

 

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 $33,200 of this balance is direct materials cost, how much of it is direct labour cost? Manufacturing overhead cost?

 

 
Selected ledger accounts for Realm Company are given below for the just-completed year:
Raw Materials
42,000 Credits
480,000
84,000
Bal. 1/1
Debits
Bal. 31/12
Debits
Bal. 1/1
Direct materials
Direct labour
Overhead
Bal. 31/12
Debits
Bal. 1/1.
Debits
Bal. 31/12
Manufacturing Overhead
429,800 Credits
Debits
Factory Wages Payable
209,000 Bal. 1/1
Credits
Work in Process
88,000 Credits
344,000
134,000
447, 200
?
Bal. 31/12
Finished Goods
61,600 Credit
?
166,000
Cost of Goods Sold
? |
?
22,000
205,000
18,000
912,100
Transcribed Image Text:Selected ledger accounts for Realm Company are given below for the just-completed year: Raw Materials 42,000 Credits 480,000 84,000 Bal. 1/1 Debits Bal. 31/12 Debits Bal. 1/1 Direct materials Direct labour Overhead Bal. 31/12 Debits Bal. 1/1. Debits Bal. 31/12 Manufacturing Overhead 429,800 Credits Debits Factory Wages Payable 209,000 Bal. 1/1 Credits Work in Process 88,000 Credits 344,000 134,000 447, 200 ? Bal. 31/12 Finished Goods 61,600 Credit ? 166,000 Cost of Goods Sold ? | ? 22,000 205,000 18,000 912,100
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