Bal. 1/1 39,000 Credits ? Debits 217,000 Credits ? Debits 440,000 Bal. 12/31 50,

Question

  

   Bal. 1/1                   39,000

   Credits                 ?  

   Debits                217,000

  Credits                 ?   

   Debits                   440,000

                   

   Bal. 12/31               50,000

  

   Bal. 1/1                   71,000  

   Credits              510,000  

   Debits               179,000

   Bal. 1/1                 15,000  

   Direct labor            156,000  

   

   Bal. 12/31             14,000  

   Overhead               257,400  

   Bal. 12/31                    ?         

   Bal. 1/1                  47,000  

   Credit                     ?

   Debits                      ?   

  

   Debits                         ?

                   

   Bal. 12/31             134,000  

  

What was the cost of raw materials put into production during the year?

  

How much of the materials in (1) above consisted of indirect materials?

  

How much of the factory labor cost for the year consisted of indirect labor?

  

What was the cost of goods manufactured for the year?

  

What was the cost of goods sold for the year (before considering underapplied or overapplied overhead)?

  

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., 1.2345 needs to be considered as 123.45.))

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 $32,400 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.)

     

rev: 08_19_2014_QC_52473, 03_24_2015_QC_CS-11756

Selected T-accounts for Moore Company are given below for the just completed year:

Explanation / Answer

Since, there are multiple parts to the question, the first five have been answered.

____________

Part 1)

The cost of raw materials put into production is calculated with the use of following table:

__________

Part 2)

The total value of indirect materials is calculated as follows:

__________

Part 3)

The value of indirect labor has been calculated as follows:

__________

Part 4)

The cost of goods manufactured is equal to $510,000 (the credit balance in Work in Process account)

__________

Part 5)

The cost of goods sold is calculated with the use of following table:

Opening Stock of Raw Materials 39,000 Add Purchases of Raw Materials (Debit Value) 440,000 Raw Materials Available for Use 479,000 Less Closing Stock of Raw Materials 50,000 Cost of Raw Materials Put Into Production $429,000

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