How much of the factory labor cost for the year

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Reference no: EM13168994

Reference no: EM13168994

Assignment Help Financial Accounting

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

Raw Materials

Manufacturing Overhead

Work in Process

Factory Wages Payable

Bal. 1/1 71,000	Credits 740,000	Debits 177,000	Bal. 1/1 13,000
Direct materials 321,000			Credits 181,000

Direct labor 111,000			Bal. 12/31 17,000
Overhead 410,000

Bal. 12/31 ?

Finished Goods

Cost of Goods Sold

1. What was the cost of raw materials put into 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 cost of goods sold for the year (before considering underapplied or overapplied overhead)?

6. 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.)

8. Manufacturing overhead was (Click to select) overapplied underapplied by $ Compute the ending balance in the Work in Process inventory account. Assume that this balance consists entirely of goods started during the year. If $32,200 of this balance is direct materials cost, how much of it is direct labor cost? Manufacturing overhead cost? (Round your predetermined overhead rate percentage and final answers to 2 decimal places.)

Ending balance in the work in process $
Direct labor cost $
Manufacturing overhead cost $

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Bal. 1/1 32,000

Debits 387,000

Debits 450,000

Bal. 12/31 58,000