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Business, 09.07.2019 19:10 tot92

Selected t-accounts of moore company are given below for the just completed year: raw materials bal. 1/1 15,000 credits ? debits 120,000 bal. 12/31 25,000 manufacturing overhead debits 230,000 credits ? work in process bal. 1/1 20,000 credits 470,000 direct materials 90,000 direct labor 150,000 overhead 240,000 bal. 12/31 ? factory wages payable debits 185,000 bal. 1/1 9,000 credits 180,000 bal. 12/31 4,000 finished goods bal. 1/1 40,000 credits ? debits ? bal. 12/31 60,000 cost of goods sold debits ? 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 $8,000 of this balance is direct labor cost, how much of it is direct materials cost? applied overhead cost?

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