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
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 |
|
Related questions
| Selected T-accounts for RolmCompany are given below for the just completed year: |
| Raw Materials | Manufacturing Overhead | |||
Bal. 1/1 38,000 | Credits ? | Debits 388,000 | Credits ? | |||
Debits 450,000 |
| |||||
Bal. 12/31 55,000 |
|
| Work in Process | Factory Wages Payable | |||
Bal. 1/1 79,000 | Credits 780,000 | Debits 177,000 | Bal.1/1 10,000 | |||
| Directmaterials 328,000 | Credits 181,000 | |||||
| Directlabor 119,000 | ||||||
Overhead 420,000 |
| Bal.12/31 14,000 | ||||
Bal. 12/31 ? |
| Finished Goods | Cost of Goods Sold | |||
Bal. 1/1 47,000 | Credits ? | Debits ? | ||||
Debits ? |
| |||||
Bal. 12/31 138,000 |
|
| Required: |
| 1. | What was the cost of raw materials put into production duringthe year? |
| 2. | How much of the materials inrequirement 1 (above) consisted of indirect materials? |
| 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)? |
| Selected T-accounts for Rolm Company are given below for the justcompleted year: |
| Raw Materials | Manufacturing Overhead | |||
| Bal. 1/1 32,000 | Credits ? | Debits 387,000 | Credits ? | |||
Debits 450,000 |
|
|
| |||
Bal.12/31 58,000 |
|
|
|
| Work in Process | Factory Wages Payable | |||
| Bal. 1/1 71,000 | Credits 740,000 | Debits 177,000 | Bal.1/1 13,000 | |||
| Directmaterials 321,000 |
| Credits 181,000 | ||||
Directlabor 111,000 |
|
| Bal.12/31 17,000 | |||
Overhead 410,000 |
|
|
| |||
Bal. 12/31 ? |
|
|
| Finished Goods | Cost of Goods Sold | |||
| Bal. 1/1 48,000 | Credits ? | Debits ? |
| |||
Debits ? |
|
|
| |||
Bal. 12/31 136,000 |
|
|
|
| 1. | What was the cost of raw materials put into production during theyear? |
| The cost of raw materials | $ |
| 2. | How much of the materials in (1) above consisted of indirectmaterials? |
| Indirect materials | $ |
| 3. | How much of the factory labor cost for the year consisted ofindirect labor? |
| Indirect labor cost | $ |
| 4. | What was the cost of goods manufactured for the year? |
| Cost of goods manufactured | $ |
| 5. | What was the cost of goods sold for the year (before consideringunderapplied or overapplied overhead)? |
| Cost of goods sold | $ |
| 6. | If overhead is applied to production on the basis of directmaterials cost, what predetermined rate was in effect during theyear? (Round your answer to 2 decimal places.) |
| The predetermined overhead rate was % of directmaterials cost |
| 7. | Was manufacturing overhead underapplied or overapplied? By howmuch? (Inputthe amount as a positive value.) |
| Manufacturing overhead was (Click toselect)overappliedunderapplied by $ |
| 8. | Compute the ending balance in the Work in Process inventoryaccount. Assume that this balance consists entirely of goodsstarted during the year. If $32,200 of this balance is directmaterials cost, how much of it is direct labor cost? Manufacturingoverhead cost? (Roundyour predetermined overhead rate percentage and final answers to 2decimal places.) |
| Ending balance in the work in process | $ |
| Direct labor cost | $ |
| Manufacturing overhead cost | $ |
