Was manufacturing overhead underapplied or overapplied by

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Reference no: EM13573740

Reference no: EM13573740

Assignment Help Accounting Basics

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 72,000	Credits 740,000	Debits 177,000	Bal. 1/1 12,000
Direct materials 328,000			Credits 177,000

Direct labor 112,000			Bal. 12/31 12,000
Overhead 410,000

Bal. 12/31 ?

Finished Goods

Cost of Goods Sold

Required:

1.	What was the cost of raw materials put into production during the year? (Omit the "$" sign in your response.)

The cost of raw materials

2.	How much of the materials in (1) above consisted of indirect materials? (Omit the "$" sign in your response.)

Indirect materials

3.	How much of the factory labor cost for the year consisted of indirect labor? (Omit the "$" sign in your response.)

Indirect labor cost

4.	What was the cost of goods manufactured for the year? (Omit the "$" sign in your response.)

Cost of goods manufactured

5.	What was the cost of goods sold for the year (before considering underapplied or overapplied overhead)? (Omit the "$" sign in your response.)

Cost of goods sold

6.	If overhead is applied to production on the basis of direct materials cost, what rate was in effect during the year? (Round your answer to 2 decimal places. Omit the "%" sign in your response.)

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. Omit the "$" sign in your response.)

Manufacturing overhead was (Click to select)underappliedoverapplied 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 $32,800 of this balance is direct materials cost, how much of it is direct labor cost? Manufacturing overhead cost? (Round your predetermined overhead rate percentage and final answers to 2 decimal places. Omit the "$" sign in your response.)

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

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Was manufacturing overhead underapplied or overapplied by : selected t-accounts for rolm company are given below for the just completed yearraw materialsmanufacturing

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Bal. 1/1 36,000

Debits 388,000

Debits 450,000

Bal. 12/31 58,000