Question

Problem 3-11 T-Account Analysis of Cost Flows [LO3-2, LO3-3, LO3-4] Selected T-accounts of Moore Company are...

Problem 3-11 T-Account Analysis of Cost Flows [LO3-2, LO3-3, LO3-4]

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

Raw Materials
Bal. 1/1 29,000 Credits ?
Debits 148,000
Bal. 12/31 39,000
Manufacturing Overhead
Debits 196,800 Credits ?
Work in Process
Bal. 1/1 34,000 Credits 512,000
Direct materials 104,000
Direct labor 192,000
Overhead 220,800
Bal. 12/31 ?
Factory Wages Payable
Debits 213,000 Bal. 1/1 16,000
Credits 208,000
Bal. 12/31 11,000
Finished Goods
Bal. 1/1 54,000 Credits ?
Debits ?
Bal. 12/31 81,000
Cost of Goods Sold
Debits ?

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 $11,500 of this balance is direct labor cost, how much of it is direct materials cost? Applied overhead cost?

Homework Answers

Answer #1

1) Raw material used = 29000+148000-39000 = 138000

2) Indirect material = 138000-104000 = 34000

3) Indirect labor = 208000-192000 = 16000

4) Cost of goods manufactured = 512000

5) Unadjusted cost of goods sold = 54000+512000-81000 = 485000

6) Overhead rate = 220800/192000 = 115% of labor cost

7) Overhead applied = 220800

Actual overhead = 196800

Over applied overhead = 24000

8) Ending WIP = 38800

Direct material = 38800-11500-13225 = 14075

Applied overhead = 11500*1.15 = 13225

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Problem 3-11 (Algo) T-Account Analysis of Cost Flows [LO3-2, LO3-3, LO3-4] Selected T-accounts of Moore Company...
Problem 3-11 (Algo) T-Account Analysis of Cost Flows [LO3-2, LO3-3, LO3-4] Selected T-accounts of Moore Company are given below for the just completed year: Raw Materials Bal. 1/1 35,000 Credits ? Debits 160,000 Bal. 12/31 45,000 Manufacturing Overhead Debits 188,400 Credits ? Work in Process Bal. 1/1 40,000 Credits 530,000 Direct materials 110,000 Direct labor 210,000 Overhead 218,400 Bal. 12/31 ? Factory Wages Payable Debits 225,000 Bal. 1/1 19,000 Credits 220,000 Bal. 12/31 14,000 Finished Goods Bal. 1/1 60,000 Credits...
Selected T-accounts of Moore Company are given below for the just completed year: Raw Materials Bal....
Selected T-accounts of Moore Company are given below for the just completed year: Raw Materials Bal. 1/1 20,000 Credits ? Debits 130,000 Bal. 12/31 30,000 Manufacturing Overhead Debits 216,000 Credits ? Work in Process Bal. 1/1 25,000 Credits 485,000 Direct materials 95,000 Direct labor 165,000 Overhead 231,000 Bal. 12/31 ? Factory Wages Payable Debits 195,000 Bal. 1/1 11,500 Credits 190,000 Bal. 12/31 6,500 Finished Goods Bal. 1/1 45,000 Credits ? Debits ? Bal. 12/31 67,500 Cost of Goods Sold Debits...
Selected T-accounts of Moore Company are given below for the just completed year: Raw Materials Bal....
Selected T-accounts of Moore Company are given below for the just completed year: Raw Materials Bal. 1/1 25,000 Credits ? Debits 140,000 Bal. 12/31 35,000 Manufacturing Overhead Debits 203,200 Credits ? Work in Process Bal. 1/1 30,000 Credits 500,000 Direct materials 100,000 Direct labor 180,000 Overhead 223,200 Bal. 12/31 ? Factory Wages Payable Debits 205,000 Bal. 1/1 14,000 Credits 200,000 Bal. 12/31 9,000 Finished Goods Bal. 1/1 50,000 Credits ? Debits ? Bal. 12/31 75,000 Cost of Goods Sold Debits...
Selected T-accounts of Moore Company are given below for the just completed year: Raw Materials Bal....
Selected T-accounts of Moore Company are given below for the just completed year: Raw Materials Bal. 1/1 26,000 Credits ? Debits 142,000 Bal. 12/31 36,000 Manufacturing Overhead Debits 202,260 Credits ? Work in Process Bal. 1/1 31,000 Credits 503,000 Direct materials 101,000 Direct labor 183,000 Overhead 223,260 Bal. 12/31 ? Factory Wages Payable Debits 207,000 Bal. 1/1 14,500 Credits 202,000 Bal. 12/31 9,500 Finished Goods Bal. 1/1 51,000 Credits ? Debits ? Bal. 12/31 76,500 Cost of Goods Sold Debits...
Selected T-accounts of Moore Company are given below for the just completed year: Raw Materials Bal....
Selected T-accounts of Moore Company are given below for the just completed year: Raw Materials Bal. 1/1 24,000 Credits ? Debits 138,000 Bal. 12/31 34,000 Manufacturing Overhead Debits 214,640 Credits ? Work in Process Bal. 1/1 29,000 Credits 497,000 Direct materials 99,000 Direct labor 177,000 Overhead 233,640 Bal. 12/31 ? Factory Wages Payable Debits 203,000 Bal. 1/1 13,500 Credits 198,000 Bal. 12/31 8,500 Finished Goods Bal. 1/1 49,000 Credits ? Debits ? Bal. 12/31 73,500 Cost of Goods Sold Debits...
Selected T-accounts of Moore Company are given below for the just completed year: Raw Materials Bal....
Selected T-accounts of Moore Company are given below for the just completed year: Raw Materials Bal. 1/1 26,000 Credits ? Debits 142,000 Bal. 12/31 36,000 Manufacturing Overhead Debits 202,260 Credits ? Work in Process Bal. 1/1 31,000 Credits 503,000 Direct materials 101,000 Direct labor 183,000 Overhead 223,260 Bal. 12/31 ? Factory Wages Payable Debits 207,000 Bal. 1/1 14,500 Credits 202,000 Bal. 12/31 9,500 Finished Goods Bal. 1/1 51,000 Credits ? Debits ? Bal. 12/31 76,500 Cost of Goods Sold Debits...
Selected T-accounts of Moore Company are given below for the just completed year: Raw Materials Bal....
Selected T-accounts of Moore Company are given below for the just completed year: Raw Materials Bal. 1/1 33,000 Credits ? Debits 156,000 Bal. 12/31 43,000 Manufacturing Overhead Debits 186,200 Credits ? Work in Process Bal. 1/1 38,000 Credits 524,000 Direct materials 108,000 Direct labor 204,000 Overhead 214,200 Bal. 12/31 ? Factory Wages Payable Debits 221,000 Bal. 1/1 18,000 Credits 216,000 Bal. 12/31 13,000 Finished Goods Bal. 1/1 58,000 Credits ? Debits ? Bal. 12/31 87,000 Cost of Goods Sold Debits...
Selected T-accounts for Moore Company are given below for the just completed year:    Raw Materials...
Selected T-accounts for Moore Company are given below for the just completed year:    Raw Materials Manufacturing Overhead    Bal. 1/1                   34,000    Credits                 ?      Debits                216,000   Credits                 ?       Debits                   450,000                                                 Bal. 12/31               55,000               Work in Process Factory Wages Payable    Bal. 1/1                   77,000      Credits              520,000      Debits               174,000    Bal. 1/1                 12,000      Direct materials      322,000       Credits                180,000      Direct labor            152,000                 Bal. 12/31             18,000      Overhead               243,200                        Bal. 12/31                    ?                        Finished Goods Cost of Goods Sold...
Problem 3-14 Schedule of Cost of Goods Manufactured; Overhead Analysis [LO3-3, LO3-4] Gitano Products operates a...
Problem 3-14 Schedule of Cost of Goods Manufactured; Overhead Analysis [LO3-3, LO3-4] Gitano Products operates a job-order costing system and applies overhead cost to jobs on the basis of direct materials used in production (not on the basis of raw materials purchased). Its predetermined overhead rate was based on a cost formula that estimated $114,400 of manufacturing overhead for an estimated allocation base of $88,000 direct material dollars to be used in production. The company has provided the following data...
Exercise 3-8 (Algo) Applying Overhead; Journal Entries; Disposing of Underapplied or Overapplied Overhead [LO3-1, LO3-2, LO3-4]...
Exercise 3-8 (Algo) Applying Overhead; Journal Entries; Disposing of Underapplied or Overapplied Overhead [LO3-1, LO3-2, LO3-4] The following information is taken from the accounts of Latta Company. The entries in the T-accounts are summaries of the transactions that affected those accounts during the year. Manufacturing Overhead (a) 474,624 (b) 395,520 Bal. 79,104 Work in Process Bal. 15,480 (c) 734,000 281,000 88,000 (b) 395,520 Bal. 46,000 Finished Goods Bal. 44,000 (d) 652,000 (c) 734,000 Bal. 126,000 Cost of Goods Sold (d)...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT