I need answers 5, 6, 7, and 8 I need answers 5, 6, 7, and 8 Problem 2-23A T-Acco

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I need answers 5, 6, 7, and 8

I need answers 5, 6, 7, and 8

Problem 2-23A T-Account Analysis of Cost Flows [LO1, LOS, LO6, LO7 Selected T-accounts for Rolm Company are given below for the just completed year: Raw Materials Manufacturing Overhead Bal. 1/1 Debits 30,000 420,000 385,000 Credits Ba 2/31 60,000 Factory Wages Payable 810,000 Work in Process Bal. 1/1 Direct materials Direct labor Ovcrhcad 10,000 175,000 179.000 Bal. 1/1 Credits 70,000 320,000 110,000 400,000 Bal. 12:31 6,000 Bal 12/31 Finished Goods Cost of Goods Sold Bal. 1/1 Debits 40,000 Credits Debits Bal. 12/31 130,000 Required 1. What was the cost of raw materials put into production during the year? The cost of raw materials 2. How much of the materials in (1) above consisted of indirect materials? Indirect materials 3. How much of the factory labor cost for the ycar consisted of indirect labor? Indirect labor cost 4. What was the cost of goods manufactured for the year? Cost of goods manufactured 5,What was the cost of goods sold for the year (before considering underapplied or overapplied overhcad)? Cost of goods sold If overhead is applied to production on the basis of direct materials cost, what predetermined rate was in effect during the year? The predetermined overhead rate was % of direct materials cost 7.Was manufacturing overhead underapplied or overapplied? By how much? (Input the amount as a positive value.) Manufacturing overhead was (Click to selectjunderappliedoverapplied by Compute the ending balance in the Work in Process inventory account. Assume that this materials cost, how much of it is direct labor cost? Manufacturing overhead cost? Ending balancc in the work in process 8.balance consists cntircly of goods started during the ycar. If S32,000 of this balance is direct Direct labor cost Manufacturing overhead cost

Explanation / Answer

Raw material Inventory Bal . 1/1 30000 Work in progress 390000 Purchase 420000 450000 390000 Bal . 1/31 60000 Work in progress inventory Bal . 1/1 70000 Finished goods 810000 Direct material 320000 Direct labor 110000 Manufacturing overheads 400000 900000 810000 Bal . 1/31 90000 Finshed goods inventory Bal . 1/1 40000 Cost of goods sold 720000 Part 5 Work in progress 810000 850000 720000 Bal 1/31 130000 Manufacturing overheads Actual overheads 385000 Work in progress 400000 385000 400000 Bal 1/31 15000 Cost of goods sold Finished goods 720000 Overapplied 15000 Part 7 Total 720000 15000 Balance 705000 Part 6 1.25 (400000/320000) Ending balance work in progress 90000 Direct labor cost 11000 (110000*32000/320000) Manufacturing overhead cost 40000 (32000*1.25)

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