Reference no: EM13337247
| Selected T-accounts for Rolm Company are given below for the just completed year: |
| Raw Materials |
|
Manufacturing Overhead |
Bal. 1/1 32,000
|
|
Credits ?
|
|
Debits 387,000
|
|
Credits ?
|
|
Debits 450,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bal. 12/31 58,000
|
|
|
|
|
|
|
| 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 |
Bal. 1/1 48,000
|
|
Credits ?
|
|
Debits ?
|
|
|
|
Debits ?
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bal. 12/31 136,000
|
|
|
|
|
|
|
1. What was the cost of raw materials put into production during the year?
The cost of raw materials $
2. How much of the materials in (1) above consisted of indirect materials?
Indirect materials $
3. How much of the factory labor cost for the year consisted of indirect labor?
Indirect labor cost $
4. What was the cost of goods manufactured for the year?
Cost of goods manufactured $
5. What was the cost of goods sold for the year (before considering underapplied or overapplied overhead)?
Cost of goods sold $
6. If overhead is applied to production on the basis of direct materials cost, what predetermined rate was in effect during the year? (Round your answer to 2 decimal places.)
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.)
Manufacturing overhead was (Click to select) overapplied underapplied by $
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? (Round your predetermined overhead rate percentage and final answers to 2 decimal places.)