Selected T-accounts of Moore Company are given below for the just completed year 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?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Selected T-accounts of Moore Company are given below for the just completed year

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 $11,250 of this balance is direct labor cost, how much of it is direct materials cost? Applied overhead cost?

 
 
Raw Materials
Debit
Credit
Balance 1/1
28,000
Credits
Debits
146,000
Balance 12/31 38,000
Manufacturing Overhead
Debit
Credit
Debits
203,800 Credits ?
Work in Process
Debit
Credit
Balance 1/1
33,000
Credits 509,000
Direct materials
103,000
Direct labor
189,000
Overhead
226,800
Balance 12/31
?
Factory Wages Payable
Debit
Credit
Debits
211,000 Balance 1/1
15,500
Credits
206,000
Balance 12/31 10,500
Finished Goods
Debit
Credit
Balance 1/1
53,000 Credits ?
Debits
?
Balance 12/31 79,500
Cost of Goods Sold
Debit
Credit
Debits
?
Transcribed Image Text:Raw Materials Debit Credit Balance 1/1 28,000 Credits Debits 146,000 Balance 12/31 38,000 Manufacturing Overhead Debit Credit Debits 203,800 Credits ? Work in Process Debit Credit Balance 1/1 33,000 Credits 509,000 Direct materials 103,000 Direct labor 189,000 Overhead 226,800 Balance 12/31 ? Factory Wages Payable Debit Credit Debits 211,000 Balance 1/1 15,500 Credits 206,000 Balance 12/31 10,500 Finished Goods Debit Credit Balance 1/1 53,000 Credits ? Debits ? Balance 12/31 79,500 Cost of Goods Sold Debit Credit Debits ?
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