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Selected T-accounts of Moore Company are given below for the just completed year: Raw Materials Manufacturing Overhead Debit Credit Debit Credit Balance 1/1 Debits 29,000 Credits ? Debits 196,800 Credits 148,000 Balance 12/31 39,000 Work in Process Factory Wages Payable Debit Credit Debit Credit Balance 1/1 34,000 Credits 512,000 Debits 213,000 Direct materials 104,000 Balance 1/1 Credits 16,000 208,000 Direct labor 192,000 Balance 12/31 11,000 Overhead 220,800 Balance 12/31 ? Finished Goods Cost of Goods Sold Debit Credit Debit Credit Balance 1/1 Debits 54,000 ? Credits Debits ? Balance 12/31 81,000 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? Complete this question by entering your answers in the tabs below. Req 1 to 5 Req 6 Req 7 Req 8 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. 1. Cost of raw materials 2. Indirect materials 3. Indirect labor cost 4. Cost of goods manufactured 5. Unadjusted cost of goods sold Req 1 to 5 Req 6 > Show lessA

Selected T-accounts of Moore Company are given below for the just completed year: Raw Materials Manufacturing Overhead Debit Credit Debit Credit Balance 1/1 Debits 29,000 Credits ? Debits 196,800 Credits 148,000 Balance 12/31 39,000 Work in Process Factory Wages Payable Debit Credit Debit Credit Balance 1/1 34,000 Credits 512,000 Debits 213,000 Direct materials 104,000 Balance 1/1 Credits 16,000 208,000 Direct labor 192,000 Balance 12/31 11,000 Overhead 220,800 Balance 12/31 ? Finished Goods Cost of Goods Sold Debit Credit Debit Credit Balance 1/1 Debits 54,000 ? Credits Debits ? Balance 12/31 81,000 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? Complete this question by entering your answers in the tabs below. Req 1 to 5 Req 6 Req 7 Req 8 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. 1. Cost of raw materials 2. Indirect materials 3. Indirect labor cost 4. Cost of goods manufactured 5. Unadjusted cost of goods sold Req 1 to 5 Req 6 > Show lessA

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Selected T-accounts of Moore Company are given below for the just completed year: Raw Materials Manufacturing Overhead Debit Credit Debit Credit Balance 1/1 Debits 29,000 Credits ? Debits 196,800 Credits 148,000 Balance 12/31 39,000 Work in Process Factory Wages Payable Debit Credit Debit Credit Balance 1/1 34,000 Credits 512,000 Debits 213,000 Direct materials 104,000 Balance 1/1 Credits 16,000 208,000 Direct labor 192,000 Balance 12/31 11,000 Overhead 220,800 Balance 12/31 ? Finished Goods Cost of Goods Sold Debit Credit Debit Credit Balance 1/1 Debits 54,000 ? Credits Debits ? Balance 12/31 81,000 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? Complete this question by entering your answers in the tabs below. Req 1 to 5 Req 6 Req 7 Req 8 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. 1. Cost of raw materials 2. Indirect materials 3. Indirect labor cost 4. Cost of goods manufactured 5. Unadjusted cost of goods sold Req 1 to 5 Req 6 > Show lessA
Transcribed Image Text:Selected T-accounts of Moore Company are given below for the just completed year: Raw Materials Manufacturing Overhead Debit Credit Debit Credit Balance 1/1 Debits 29,000 Credits ? Debits 196,800 Credits 148,000 Balance 12/31 39,000 Work in Process Factory Wages Payable Debit Credit Debit Credit Balance 1/1 34,000 Credits 512,000 Debits 213,000 Direct materials 104,000 Balance 1/1 Credits 16,000 208,000 Direct labor 192,000 Balance 12/31 11,000 Overhead 220,800 Balance 12/31 ? Finished Goods Cost of Goods Sold Debit Credit Debit Credit Balance 1/1 Debits 54,000 ? Credits Debits ? Balance 12/31 81,000 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? Complete this question by entering your answers in the tabs below. Req 1 to 5 Req 6 Req 7 Req 8 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. 1. Cost of raw materials 2. Indirect materials 3. Indirect labor cost 4. Cost of goods manufactured 5. Unadjusted cost of goods sold Req 1 to 5 Req 6 > Show lessA
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