Question

In: Accounting

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 16,000 Credits ?
Debits 122,000
Bal. 12/31 26,000
Manufacturing Overhead
Debits 233,800 Credits ?
Work in Process
Bal. 1/1 21,000 Credits 473,000
Direct materials 91,000
Direct labor 153,000
Overhead 244,800
Bal. 12/31 ?
Factory Wages Payable
Debits 187,000 Bal. 1/1 9,500
Credits 182,000
Bal. 12/31 4,500
Finished Goods
Bal. 1/1 41,000 Credits ?
Debits ?
Bal. 12/31 61,500
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 $8,250 of this balance is direct labor cost, how much of it is direct materials cost? Applied overhead cost?

Solutions

Expert Solution

Raw Materials
Bal. 1/1 16,000 Credits 112000 (16000+122000-26000)
Debits 1,22,000
Bal. 12/31 26,000
Manufacturing Overhead
Debits 2,33,800 Credits 244800 (WIP overheads)
Work in Process
Bal. 1/1 21,000 Credits 4,73,000
Direct materials 91,000
Direct labor 1,53,000
Overhead 2,44,800
Bal. 12/31 36,800
Factory Wages Payable
Debits 1,87,000 Bal. 1/1 9,500
Credits 1,82,000
Bal. 12/31 4,500
Finished Goods
Bal. 1/1 41,000 Credits 4,52,500
Debits 4,73,000
Bal. 12/31 61,500
Cost of Goods Sold
Debits 4,52,500
Material used 112000
(16000+122000-26000)
Material used 112000 Part 1
Direct material 91000
Indirect material 21000 part 2
(112000-91000)
Factory wages 182000
Direct labor 153000
Indirect labor 29000 Part 3
(182000-153000)
Cost of goods manufactured 473000 Part 4
Cost of goods sold 4,52,500 part 5
(41000+473000-61500)
Overheads applied 244800
Direct labor cost 153000
Predetermined overhead rate 1.6 Part 6
(244800/153000)
Overheads applied 244800
Actual overheads 233800
Overapplied 11000 part7
Work in progress ending 36800 Part 8
Direct material 8250
Direct labor 10981
Overheads 17569

ekkarill92 answered 1 year ago
Next > < Previous

Related Solutions

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 23,000 Credits ? Debits 136,000 Bal. 12/31 33,000 Manufacturing Overhead Debits 204,720 Credits ? Work in Process Bal. 1/1 28,000 Credits 494,000 Direct materials 98,000 Direct labor 174,000 Overhead 222,720 Bal. 12/31 ? Factory Wages Payable Debits 201,000 Bal. 1/1 13,000 Credits 196,000 Bal. 12/31 8,000 Finished Goods Bal. 1/1 48,000 Credits ? Debits ? Bal. 12/31 72,000 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 ledger accounts for Realm Company are given below for the just-completed year: Raw Materials Manufacturing...
Selected ledger accounts for Realm Company are given below for the just-completed year: Raw Materials Manufacturing Overhead    Bal. 1/1                   41,000    Credits                        ?      Debits                427,400   Credits                         ?       Debits                   475,000                                                 Bal. 31/12               82,000                       Work in Process Factory Wages Payable    Bal. 1/1                 86,500    Credits              904,100      Debits               206,500    Bal. 1/1                 21,000      Direct materials    342,000       Credits                202,500      Direct labour         132,000    Overhead              444,600               Bal. 31/12               17,000         Bal. 31/12                  ?                              Finished Goods Cost of Goods...
The following partially completed T-accounts are for Stanford Corporation: Raw Materials Debit Credit Balance 7,000 (2)...
The following partially completed T-accounts are for Stanford Corporation: Raw Materials Debit Credit Balance 7,000 (2) 24,000 (1) 19,000 Work In Process Debit Credit Balance 11,000 (7) ? (2) 15,000 (4) 18,000 (6) 31,000 Finished Goods Debit Credit Balance 18,000 (7) 62,000 15,000 Manufacturing Overhead Debit Credit (2) 9,000 (6) 31,000 (3) 16,000 (4) 8,000 (5) 5,000 Accumulated Depreciation--Factory Debit Credit Balance 82,000 (3) 16,000 Sales Salaries Expense Debit Credit (4) 11,000 Accounts Payable Debit Credit Balance (1) 19,000 (5)...
Transactions and T Accounts The following selected transactions were completed during March of the current year:...
Transactions and T Accounts The following selected transactions were completed during March of the current year: Billed customers for fees earned, $50,700. Purchased supplies on account, $2,180. Received cash from customers on account, $47,660. Paid creditors on account, $1,320. a. Journalize the transactions in a two-column journal, using the appropriate number to identify the transactions. (1) (2) (3) (4) b. Post the entries prepared in (a) to the following T accounts: Cash, Supplies, Accounts Receivable, Accounts Payable, Fees Earned. To...
Larned Corporation recorded the following transactions for the just completed month. a. $75,000 in raw materials...
Larned Corporation recorded the following transactions for the just completed month. a. $75,000 in raw materials were purchased on account. b. $73,000 in raw materials were used in production. Of this amount, $62,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $120,000 were paid in cash. Of this amount, $102,600 was for direct labor and the remainder was for indirect labor. d. Depreciation of $198,000 was incurred on factory equipment. Required: Record...
The following T-accounts record the operations of Sheridan Co.: Assume all raw materials are direct materials....
The following T-accounts record the operations of Sheridan Co.: Assume all raw materials are direct materials. Raw Materials Beginning Balance 10,960 ????? 67,235 Ending Balance 12,446 Work in Process Beginning Balance 16,030 Direct Material ????? Direct Labor 51,682 Overhead 72,392 ????? Ending Balance 24,782 Finished Goods Beginning Balance 29,870 ????? ????? Ending Balance 17,996 (a) Calculate the amount of direct materials purchased during the period. Raw materials purchased $ (b) Calculate the direct materials used in production during the period....
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 23,000 Credits ? Debits 136,000 Bal. 12/31 33,000 Manufacturing Overhead Debits 204,720 Credits ? Work in Process Bal. 1/1 28,000 Credits 494,000 Direct materials 98,000 Direct labor 174,000 Overhead 222,720 Bal. 12/31 ? Factory Wages Payable Debits 201,000 Bal. 1/1 13,000 Credits 196,000 Bal. 12/31 8,000 Finished Goods Bal. 1/1 48,000 Credits ?...
Larned Corporation recorded the following transactions for the just completed month. $78,000 in raw materials were...
Larned Corporation recorded the following transactions for the just completed month. $78,000 in raw materials were purchased on account. $76,000 in raw materials were used in production. Of this amount, $67,000 was for direct materials and the remainder was for indirect materials. Total labor wages of $111,000 were paid in cash. Of this amount, $101,800 was for direct labor and the remainder was for indirect labor. Depreciation of $194,000 was incurred on factory equipment. Required: Record the above transactions in...
Selected data concerning operations of Cascade Manufacturing Company for the past fiscal year follow: Raw materials...
Selected data concerning operations of Cascade Manufacturing Company for the past fiscal year follow: Raw materials used.........................................................................................................................................$400,000 Total manufacturing costs charged to production during the year (includes raw materials, direct labor, and manufacturing overhead applied at a rate of 60 percent of direct labor costs) .....................................................................................$731,000 Cost of goods available for sale .....................................................................................................................$936,000 Selling and general expenses.........................................................................................................................    40,000                                                                                                                                                Inventories                                                                                                                             _______________________________                                                                                                                 Beginning                                         Ending Raw materials              ......................................................              $70,000                                            $80,000 Work-in-process          ......................................................                      $85,000                                           $30,000 Finished goods           ......................................................                       $90,000                                          $110,000...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT