Question

Selected T-accounts of Moore Company are given below for the just completed year Raw Materials Manufacturing overhead Bal. 1/1 15,000 Credits Debits 1239,980 Credits Debits 120,000 Bal. 12/31 25,000 Work in Process Factory Wages Payable Bal. 1/1 20,000 Credits 470,980 Debits 185,000 Ball 1/1 Direct materials 90,000 Credits Direct labor 15e,eee Bal 12/31 Overhead 240,000 Bal. 12/31 Finished Goods Cost of Goods Sold Bal. 1/1 40,000 Credits Debits 21 Debits Bal. 12/31 60,080 26 t Inces 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 answ 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 $8,000 of this balance is direct labor cost, how much of it is direct materials cost? Applied overhead cost? Complete this question by entering your answers in the tabs below. Reg 1 to 5 Reg 6 Reg 7 Rege 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 o verapplied overhead in your answe

Answer 1

Required. I. cost of Raw materials used during the year $ 15000 Opening Raw materials (+) purchase of materials $120000 Total Raw materials available $135000 ($ 25000) ( closing raw materials Raw materials cued in ponduskon $110000 Required. 2 Raw materials used in production $ 110000 - Direct materials used in ($90000 work in process $20000 Indirect material Required 3 Total factory wages actured $180000 during the year (-) Direct labor cost in working process ($150000) $30,000

Required if cost of manufactured goods Cost of goods manufactured is $470000 (which is credited in workin process) Required- cinadjusted cost of sold goods $40,000 $ 470000 $ 510000 goods opening finished (t) cost of good wounterefined Cost of goods available for sale (-) closing finished goods enadjusted cost of good ($60000) $450000 sold