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

Question

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

   Bal. 1/1                   34,000

   Credits                 ?  

   Debits                216,000

  Credits                 ?   

   Debits                   450,000

   Bal. 12/31               55,000

   Bal. 1/1                   77,000  

   Credits              520,000  

   Debits               174,000

   Bal. 1/1                 12,000  

   Direct labor            152,000  

   Bal. 12/31             18,000  

   Overhead               243,200  

   Bal. 12/31                    ?         

   Bal. 1/1                  49,000  

   Credit                     ?

   Debits                      ?   

   Debits                         ?

   Bal. 12/31             138,000  

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 $32,600 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

Garrison 15e Recheck 2014-12-16

Explanation / Answer

Ans 1 Cost of raw material 429000 34000+450000-55000 ans 2 Indirect material 107000 429000-322000 (direct material) ans 3 Factory labor cost for the indirect labor 174000-152000 22000 ans 4 Cost of good manufactured $520,000 ans 5 cost of good sold 431000 49000+520000-138000 ans 6 Overhead rate 160 % 243200/152000*100 ans 7 Overapplied 243200-216000 27200 ans 8 WIP ending balance 77000+320000+152000+243200-520000 272200 Direct labor cost $32,600 Overhead (32600*160%) $52,160 Direct material cost 272200-32600-52160 $187,440

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