What was the cost of raw materials

Assignment Help Accounting Basics

Reference no: EM13126129

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

Raw Materials Manufacturing Overhead
Bal. 1/1 38,000 Credits ? Debits 388,000 Credits ?
Debits 450,000
Bal. 12/31 55,000

Work in Process Factory Wages Payable
Bal. 1/1 79,000 Credits 780,000 Debits 177,000 Bal. 1/1 10,000
Direct Materials 328,000 Credits 181,000
Direct Labor 119,000 Bal. 12/31 14,000
Overhead 420,000
Bal. 12/31 ?

Finished Goods Cost of Goods Sold
Bal. 1/1 47,000 Credits ? Debits ?
Debits ?
Bal. 12/31 138,000

Required:
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 rate was in effect during the year?
7. Was manufacturing overhead underapplied or overapplied? By how much?
8. 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?

Reference no: EM13126129

Questions Cloud

Explain important information about ph and molarity : Important information about pH and Molarity, You add 5 drops of .100 M HCl to 100ml of "pure" water. Assuming that the volume of one drop is .035ml, calculate the expected pH of the resulting solution

Remainder of the loan : "A long term debt of 2,151,000 represents the remaining balance on a 30 year old loan taken out 20 years ago at 11 % which options to refinance every ten years. If we refinance for the remaining 10 years at 7% how much interest expense will we sav..

Create the adjusting entry under each basis : The estimated bad debts expense under the percentage of sales basis is $4,1000. The total estimated uncollectibles under the percentage of receivable basis is $5,800. Create the adjusting entry under each basis.

Equilibrium shift of the reaction and the ph of solution : Equilibrium shift of the reaction and the pH of solution, 1. The pressure on each of the following systems is decreased from 5 atm to 1 atm. Which way does the equilibrium shift in each of the following systems?

What was the cost of raw materials : 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? Manufacturi..

Find percent confidence interval for population mean : Each home was 24 and the standard deviation of the sample was 5 people. Develop a 98 percent confidence interval for the population mean.

Explain how much chlorine must be added to a swimming pool : How Much Chlorine Must be Added to a Swimming Pool? A solution used to chlorinate a home swimming pool contains 7% chlorine by mass. An ideal chlorine level for the pool is one part per million (think of 1 ppm as being 1 g chlorine per million gra..

What is the concentration of reactant after one half-life : A certain second-order reaction has a rate constant of 1.10×10-3 at 27 C and an initial half-life of 226 . What is the concentration of the reactant after one half-life?

Find probability that sample mean falls in range : If you take a random sample of size 100 from this population, find the probability that the sample mean falls between 48 and 51.

User Account

All Pages