Reference no: EM131577053

Problem -

Selected ledger accounts of Moore Company are given below for the past year:

Raw Materials Manufacturing Overhead  Bal. 1/1                    50,000

Credits                             ? 

Debits                       228,800

Credits                              ? 

Debits                     118,000 

Bal. 12/31                  23,400

Work in Process Factory Wages Payable  Bal. 1/1                    19,200 

Credits                    469,600 

Debits                    184,600

Bal. 1/1                       8,600

Direct materials            88,000         Credits                    178,400    Direct labour             148,000 

Overhead                296,000 

Bal. 12/31                  3,600  

Bal. 12/31                        ?

Finished Goods Cost of Goods Sold  Bal. 1/1                    39,200 

Credits                             ? 

Debits                            ?

Debits                              ?

Bal. 12/31                   59,600 

Required:

1. What was the cost of raw materials put into production during the year?

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

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

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

5. What was the cost of goods sold for the year (before considering under- or overapplied overhead)?

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

7. Was manufacturing overhead under- 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 $7,200 of this balance is direct labour cost, how much of it is direct materials cost? Manufacturing overhead cost?