![Chapter 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 >](http://img.homeworklib.com/questions/50deebe0-70ec-11ea-bacc-471ca5d9377e.png?x-oss-process=image/resize,w_560)
Homework Answers
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
Add Answer to:
If overhead is applied to production on the basis of direct labor cost, what predetermined overhead...
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Problem 3-11 T-Account Analysis of Cost Flows [LO3-2, LO3-3, LO3-4] Selected T-accounts of Moore Company are...
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: Raw Materials Manufacturing Overhead 196,800 Credits Bal. 1/1 Debits Bal. 12/31 29,000Credits Debits 148,000 39,000 Work in Process Factory Wages Payable Bal. 1/1 Direct materials Direct labor Overhead Bal. 12/31 34,000Credits 104,000 512,000 Debits 213,000Bal. 1/1 Credits Bal. 12/31 16,000 208,000 11,000 192,000 220,800 Finished Goods Cost of Goods Sold Bal. 1/1 Debits Bal. 12/31 54,000 Credits...
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Selected T-accounts of Moore Company are given below for the just completed year: Manufacturing Overhead 203,200...
Selected T-accounts of Moore Company are given below for the just completed year: Manufacturing Overhead 203,200 Credits ? Debits ? Bal. 1/1 Debits Bal. 12/31 Raw Materials 25,000 Credits 140,000 35,000 Work in Process 30,000 Credits 100,000 180,000 223,200 500,000 Debits Bal. 1/1 Direct materials Direct labor Overhead Bal. 12/31 Factory Wages Payable 205,000 Bal. 1/1 Credits Bal. 12/31 14,000 200,000 9,000 Cost of Goods Sold Finished Goods 50,000 Credits ? Debits Bal. 1/1 Debits Bal. 12/31 75,000 Required: 1....
Problem 3-11 (Algo) T-Account Analysis of Cost Flows [LO3-2, LO3-3, LO3-4) Selected T-accounts of Moore Company...
Problem 3-11 (Algo) 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: Manufacturing Overhead 202, 260 Credits Debits Bal. 1/1 Debits Bal. 12/31 Raw Materials 26,000 Credits 142,000 36,000 Work in in Process 31,000 Credits 101,000 183,000 223, 260 503,000 Debits Bal. 1/1 Direct materials Direct labor Overhead Bal. 12/31 Factory Wages Payable 207,000 Bal. 1/1 Credits Bal. 12/31 14,500 202, 000 9,500 Finished Goods 51,000 Credits Cost...
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3 Homework o Help Save a 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: Manufacturing Overhead 181.900 Credits Debits Bal. 1/1 Debits Bal. 12/31 Raw Materials 31,000 Credits 152, eee 41,000 Work in Process 36,800 Credits 106,000 198,000 207,900 518,000 Debits Bal. 1/1 Direct materials Direct labor Overhead Bal. 12/31 Factory Wages Payable 217,000 Bal. 1/1 Credits Bal. 12/31 17,000 212,000 12,000 Cost of Goods...
Selected T-accounts of Moore Company are given below for the just completed year: Manufacturing Overhead 203,200 Credits ? Debits ? Bal. 1/1 Debits Bal. 12/31 Raw Materials 25,000 Credits 140,000 35,000 Work in Process 30,000 Credits 100,000 180,000 223,200 500,000 Debits Bal. 1/1 Direct materials Direct labor Overhead Bal. 12/31 Factory Wages Payable 205,000 Bal. 1/1 Credits Bal. 12/31 14,000 200,000 9,000 Cost of Goods Sold Finished Goods 50,000 Credits ? Debits Bal. 1/1 Debits Bal. 12/31 75,000 Required: 1....
Problem 3-11 (Algo) 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: Manufacturing Overhead 202, 260 Credits Debits Bal. 1/1 Debits Bal. 12/31 Raw Materials 26,000 Credits 142,000 36,000 Work in in Process 31,000 Credits 101,000 183,000 223, 260 503,000 Debits Bal. 1/1 Direct materials Direct labor Overhead Bal. 12/31 Factory Wages Payable 207,000 Bal. 1/1 Credits Bal. 12/31 14,500 202, 000 9,500 Finished Goods 51,000 Credits Cost...
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