Raw Materials Manufacturing Overhead
Bal. 1/1 32,000
Credits ?
Debits 213,000
Credits ?
Debits 490,000
Bal.12/31 59,000
Work in Process Factory Wages Payable
Bal. 1/1 80,000
Credits 550,000
Debits 175,000
Bal.1/1 10,000
Directmaterials 327,000 Credits 179,000 Directlabor 151,000
Bal.12/31 14,000
Overhead 241,600
Bal. 12/31 ?
Finished Goods Cost of Goods Sold
Bal. 1/1 48,000
Credit ?
Debits ?
Debits ?
Bal. 12/31 135,000
What was the cost of raw materials put into production duringthe year?
2. How much of the materials in (1) above consisted of indirectmaterials?
3. How much of the factory labor cost for the year consisted ofindirect labor?
4. What was the cost of goods manufactured for the year?
5. What was the cost of goods sold for the year (before consideringunderapplied or overapplied overhead)?
6. If overhead is applied to production on the basis of directlabor cost, what rate was in effect during the year? (Roundyour percentage answer to 2 decimal (i.e., 0.1234 needs to beconsidered as 12.34.))
7. Was manufacturing overhead underapplied or overapplied? By howmuch?
8. Compute the ending balance in the Work in Process inventoryaccount. Assume that this balance consists entirely of goodsstarted during the year. If $32,100 of this balance is direct laborcost, how much of it is direct materials cost? Manufacturingoverhead cost? (Round your predetermined overhead ratepercentage and final answers to 2 decimal places.)
Raw Materials | Manufacturing Overhead |
Bal. 1/1 32,000 | Credits ? | Debits 213,000 | Credits ? | |||
Debits 490,000 |
| |||||
Bal.12/31 59,000 |
|
Work in Process | Factory Wages Payable |
Bal. 1/1 80,000 | Credits 550,000 | Debits 175,000 | Bal.1/1 10,000 | |||
Directmaterials 327,000 | Credits 179,000 | |||||
Directlabor 151,000 |
| Bal.12/31 14,000 | ||||
Overhead 241,600 | ||||||
Bal. 12/31 ? |
Finished Goods | Cost of Goods Sold |
Bal. 1/1 48,000 | Credit ? | Debits ? |
| |||||||||||||||||||||||
Debits ? |
| |||||||||||||||||||||||||
Bal. 12/31 135,000
|
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