Bal. 1/1 32,000 Credits ? Debits 213,000 Credits ? Debits 490,000 Bal. 12/31 59,

Question

   Bal. 1/1                   32,000

   Credits                 ?  

   Debits                213,000

  Credits                 ?   

   Debits                   490,000

                   

   Bal. 12/31               59,000

  

   Bal. 1/1                   80,000  

   Credits              550,000  

   Debits               175,000

   Bal. 1/1                 10,000  

   Direct labor            151,000  

   

   Bal. 12/31             14,000  

   Overhead               241,600  

   Bal. 12/31                    ?         

   Bal. 1/1                  48,000  

   Credit                     ?

   Debits                      ?   

  

   Debits                         ?

                   

   Bal. 12/31             135,000

If overhead is applied to production on the basis of direct labor cost, what rate was in effect during the year? (Round your percentage answer to 2 decimal (i.e., 0.1234 needs to be considered as 12.34.))

Was manufacturing overhead underapplied or overapplied? By how much?

  

Compute the ending balance in the Work in Process inventory account. Assume that this balance consists entirely of goods started during the year. If $32,100 of this balance is direct labor cost, how much of it is direct materials cost? Manufacturing overhead cost? (Round your predetermined overhead rate percentage and final answers to 2 decimal places.)

Raw Materials Manufacturing Overhead

Explanation / Answer

Manufacturing overhead

WIP

Finished goods

Cost of goods sold

6)Overhead rate = 241,600/151,000 = 160%of direct labor cost

7) Overapplied $28,600

8) let materials be x

x + 32,100+ (32,100@160%) = 249,000

so x = 166,140

Balance 1/1 32,000 WIP $463,000 Debits 490,000 Balance 12/31 $59,000

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