Question

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 ?

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 $10,250 of this balance is direct labor cost, how much of it is direct materials cost? Applied overhead cost?

Homework Answers

Answer #1

1) Cost of raw material used = 24000+138000-34000 = 128000

2) Indirect material = 128000-99000 = 29000

3) Indirect labour = 198000-177000 = 21000

4) Cost of goods manufactured = 497000

5) Unadjusted cost of goods sold = 49000+497000-73500 = 472500

6) Overhead rate = 233640*100/177000 = 132% of direct labour cost

7) Actual overhead = 214640

Applied overhead = 233640

Over applied overhead = 233640-214640 = 19000

8) Ending balance in work in process = 29000+99000+177000+233640-497000 = 41640

Direct labour = 10250

Overhead = 10250*132% = 13530

Direct material = 41640-10250-13530 = 17860

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
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 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 3-11 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 ?...
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...
The following accounts are from last year’s books at Sharp Manufacturing: Raw Materials Bal 0 (b)...
The following accounts are from last year’s books at Sharp Manufacturing: Raw Materials Bal 0 (b) 157,000 (a) 171,500 14,500 Work In Process Bal 0 (f) 522,000 (b) 133,500 (c) 171,000 (e) 217,500 0 Finished Goods Bal 0 (g) 475,000 (f) 522,000 47,000 Manufacturing Overhead (b) 23,500 (e) 217,500 (c) 27,500 (d) 159,000 7,500 Cost of Goods Sold (g) 475,000 Sharp uses job-order costing and applies manufacturing overhead to jobs based on direct labor costs. What is the manufacturing overapplied...
1. Boursaw Corporation has provided the following data concerning last month’s operations. Purchases of raw materials...
1. Boursaw Corporation has provided the following data concerning last month’s operations. Purchases of raw materials $ 33,000 Indirect materials included in manufacturing overhead $ 4,000 Direct labor cost $ 58,000 Manufacturing overhead applied to Work in Process $ 78,000 Underapplied overhead $ 5,000 Beginning Ending Raw materials inventory $ 10,000 $ 15,000 Work in process inventory $ 56,000 $ 72,000 Finished goods inventory $ 41,000 $ 49,000 Any underapplied or overapplied manufacturing overhead is closed out to cost of...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT