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What was the cost of goods manufactured for the year

Assignment Help Managerial Accounting
Reference no: EM132501950

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

Raw MaterialsBal. 1/117,000

Credits?Debits124,000

Bal. 12/3127,000

Manufacturing Overhead

Debits229,800Credits?

Work in ProcessBal. 1/122,000

Credits476,000

Direct materials92,000

Direct labor156,000

Overhead241,800

Bal. 12/31?

Factory Wages

PayableDebits189,000

Bal. 1/110,000 Credits184,000

Bal. 12/315,000

Finished GoodsBal. 1/142,000

Credits?Debits? Bal. 12/3163,000

Cost of Goods SoldDebits?

Required:

Question 1. What was the cost of raw materials used in production during the year?

Question 2. How much of the materials in (1) above consisted of indirect materials?

Question 3. How much of the factory labor cost for the year consisted of indirect labor?

Question 4. What was the cost of goods manufactured for the year?

Question 5. What was the unadjusted cost of goods sold for the year? Do not include any underapplied or overapplied overhead in your answer.

Question 6. If overhead is applied to production on the basis of direct labor cost, what predetermined overhead rate was in effect during the year?

Question 7. Was manufacturing overhead underapplied or overapplied? By how much?

Question 8. Compute the ending balance in Work in Process. Assume that this balance consists entirely of goods started during the year. If $8,500 of this balance is direct labor cost, how much of it is direct materials cost? Applied overhead cost?\

Reference no: EM132501950

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