1 answer

I need somo help :) Selected T-accounts of Moore Company are given below for the just...

Question:

I need somo help :)
Selected T-accounts of Moore Company are given below for the just completed year. Debits Manufacturing Overhead 229,800 Credi
Required: 1. What was the cost of raw materials used in production during the year? 2. How much of the materials in (1) above
Selected T-accounts of Moore Company are given below for the just completed year. Debits Manufacturing Overhead 229,800 Credits Bal. 1/1 Debits Bal. 12/31 Raw Materials 17,000 Credits 124,000 27,000 Work in Process 22,000 Credits 92,000 156,000 241,800 476,000 Debits Bal. 1/1 Direct materials Direct labor Overhead Bal. 12/31 Factory Wages Payable 189,000 Bal. 1/1 Credits Bal. 12/31 10,000 184,000 5,000 Finished Goods 42,000 Credits Cost of Goods Sold ? Debits Bal. 1/1 Debits Bal. 12/31 63,000 ve year? 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?
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 $8,500 of this balance is direct labor cost, how much of it is direct materials cost? Applied overhead cost?

Answers

1) Cost of raw material used = 17000+124000-27000 = 114000

2) Indirect material = 114000-92000 = 22000

3) Indirect labor = 184000-156000 = 28000

4) Cost of goods manufactured = 476000

5) Unadjusted cost of goods sold = 42000+476000-63000 = 455000

6) Overhead rate = 241800/156000 = 155% of labor cost

7) Applied overhead = 241800

Actual overhead = 229800

Over applied overhead = 241800-229800 = 12000

8) Ending WIP = 35800

Applied overhead = 8500*1.55 = 13175

Direct material = 35800-8500-13175 = 14125

.

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