esSelected T-accounts of Moore Company are given below for the just completed year:Balance 1/1DebitsBalance 12/31DebitsDebitDebitsDebitBalance 1/1Direct materialsDirect laborOverheadBalance 12/31DebitsDebitDebitDebitBalance 1/1DebitsBalance 12/31DebitRaw Materials19,000 Credits128,00029,000Manufacturing Overhead220,900 CreditsWork in Process24,000 Credits94,000162,000234,900?Factory Wages Payable193,000 Balance 1/1CreditsFinished Goods44,000 Credits?66,000Cost of Goods Sold?CreditCreditBalance 12/31CreditCreditCreditCredit482,00011,000188,0006,000?Required: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?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. Required: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?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.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 $9,000of 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 to5Answer is complete but not entirely correct.Required 6 Required 7Required 8Compute the ending balance in Work in Process. Assume this balance consists entirely of goods started during the year. If$9,000 of this balance is direct labor cost, how much is direct materials cost? Applied overhead cost?Ending balance in the work in processDirect materials costApplied overhead cost$ 32,900$ 13,050$ 10,850< Required 7Required 8 >

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Description: esSelected T-accounts of Moore Company are given below for the just completed year:Balance 1/1DebitsBalance 12/31DebitsDebitDebitsDebitBalance 1/1Direct materialsDirect laborOverheadBalance 12/31DebitsDebitDebitDebitBalance 1/1DebitsBalance 12/31Deb

The overhead is applied to the production on the basis of the predetermined overhead rate. The work…

Business

Accounting

Selected T-accounts of Moore Company are given below for the just completed year: Balance 1/1 Debits Balance 12/31 Debits Debit Debits Debit Debit Balance 1/1 Direct materials Direct labor Overhead Balance 12/31 Debit Debit Balance 1/1 Debits Balance 12/31 Debit Raw Materials 19,000 Credits 128,000 29,000 Manufacturing Overhead 220,900 Credits Work in Process 24,000 Credits 94,000 162,000 234,900 ? Factory Wages Payable 193,000 Balance 1/1 Credits Finished Goods 44,000 Credits ? Credit 66,000 Cost of Goods Sold Credit Balance 12/31 Credit Credit Credit Credit 482,000 3. How much of the factory labor cost is indirect labor? 4. What was the cost of goods manufactured? 11,000 188,000 6,000 Debits Required: 1. What was the cost of raw materials used in production? 2. How much of the materials in (1) above consisted of indirect materials?

Selected T-accounts of Moore Company are given below for the just completed year: Balance 1/1 Debits Balance 12/31 Debits Debit Debits Debit Debit Balance 1/1 Direct materials Direct labor Overhead Balance 12/31 Debit Debit Balance 1/1 Debits Balance 12/31 Debit Raw Materials 19,000 Credits 128,000 29,000 Manufacturing Overhead 220,900 Credits Work in Process 24,000 Credits 94,000 162,000 234,900 ? Factory Wages Payable 193,000 Balance 1/1 Credits Finished Goods 44,000 Credits ? Credit 66,000 Cost of Goods Sold Credit Balance 12/31 Credit Credit Credit Credit 482,000 3. How much of the factory labor cost is indirect labor? 4. What was the cost of goods manufactured? 11,000 188,000 6,000 Debits Required: 1. What was the cost of raw materials used in production? 2. How much of the materials in (1) above consisted of indirect materials?

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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Selected T - accounts of Moore Company are given below for the just completed year: Raw Materials Debit Credit Balance 1/1 33,000 Credits ? question mark Debits 156,000 Balance 12/31 43,000 Manufacturing Overhead Debit Credit Debits 186,200 Credits ? question mark Work in Process Debit Credit Balance 1/1 38,000 Credits 524,000 Direct materials 108,000 Direct labor 204,000 Overhead 214, 200 Balance 12/31 ? question mark Factory Wages Payable Debit Credit Debits 221,000 Balance 1/1 18,000 Credits 216,000 Balance 12/31 13,000 Finished Goods Debit Credit Balance 1/1 58,000 Credits ? question mark Debits? question mark Balance 12/31 87,000 Cost of Goods Sold Debit Credit Debits? question mark Required: What was the cost of raw materials used in production? How much of the materials in (1) above consisted of indirect materials? How much of the factory labor cost is indirect labor? What was the cost of goods manufactured? What was the unadjusted cost of goods sold? Do not include any…
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