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If overhead is applied to production on the basis of direct labor cost, what predetermined overhead rate was in effect during the year? he predetermined overhead rate was % of direct labor costWas manufacturing overhead underapplied or overapplied? By how much? Manufacturing overhead wasCompute the ending balance in Work in Process. Assume that this balance consists entirely of goods started during the year. If $9,250 of this balance is direct labor cost, how much of it is direct materials cost? Applied overhead cost? Ending balance in the work in process Direct materials cost Applied overhead costChapter Three Problems (10 pts) Problem 3-11 T-Account Analysis of Cost Flows [LO3-2, LO3-3, LO3-4] Selected T-accounts of Moore Company are given below for the just completed year: 12.5 points Raw Materials Manufacturing Overhead Bal. 1/1 Debits Bal. 12/31 20,000 Credits 130,000 ? Debits 216,000Credits 30,000 Work in Process eBook Factory Wages Payable Bal. 1/1 Direct materials Direct labor Overhead Bal. 12/31 25,000Credits 485,000 Debits 195,000 Bal. 1/1 11,500 95,000 Credits Bal. 12/31 190,00 165,000 231,006 6,500 Print Finished Goods Cost of Goods Sold Bal. 1/1 Debits Bal. 12/31 45,000 Credits ?Debits References 67,500 Required 1. What was the cost of raw materials used in 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 unadjusted cost of goods sold for the year? Do not include any underapplied or overapplied overhead in your answer. 6. If overhead is applied to production on the basis of direct labor cost, what predetermined overhead rate was in effect during the year 7. Was manufacturing overhead underapplied or overapplied? By how much? 8. Compute the ending balance in Work in Process. Assume that this balance consists entirely of goods started during the year. If $9,250 of this balance is direct labor cost, how much of it is direct materials cost? Applied overhead cost? 2 Complete this question by entering your answers in the tabs below Req 1 to 5 Req 6 Req 7 Req 8 1. What was the cost of raw materials used in 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 unadjusted cost of goods sold for the year? Do not include any underapplied or overapplied overhead in your answer Show less 1. Cost of raw materials 2. Indirect materials 3. Indirect labor cost 4. Cost of goods manufactured 5. Unadjusted cost of goods sold $ 120,000 Req 1 to Req 6 >

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Answer #1

Solution

1. Cost of raw material used in production(from raw material account):

=$20,000+$130,000-$30,000

=$120,000

2.

Indirect material:

=cost of raw material used - direct material

=$120,000- $95,000

=$25,000

3. Indirect labour:

=$195,000(from factory wages payable account) - $165,000(direct labour)

=$30,000

4. Cost of good manufactured for the year:

=$485,000 (from work in progress T-account.

5.

Unadjusted cost of good sold(from finished good To account):

=opening balance+ cost of good manufactured - closing balance

=45000+485000-67500

=$462,500

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