Selected T-accounts for Moore Company are given below for the just completed year:

Selected T-accounts for Moore Company are given below for the just completed year:

Required:

  • What was the cost of raw materials put into production during the year?

Cost of raw materials: $427,000

Indirect Materials: $99,000

  • How much of the factory labor cost for the year consisted of indirect labor?

Indirect labor cost: $22,000

  • What was the cost of goods manufactured for the year?

Cost of goods manufactured: $510,000

  • What was the cost of goods sold for the year (before considering underapplied or overapplied overhead)?

Cost of goods sold: $418,000

  • If overhead is applied to production on the basis of direct labor cost, what rate was in effect during the year? (Round your percentage answer to 2 decimal (i.e., 1.2345 needs to be considered as 123.45.))

The predetermined overhead rate was 160.00% of direct labor cost

  • Was manufacturing overhead underapplied or overapplied? By how much?

Manufacturing overhead was overapplied by $36,000

  • Compute the ending balance in the Work in Process inventory account. Assume that this balance consists entirely of goods started during the year. If $32,400 of this balance is direct labor cost, how much of it is direct materials cost? Manufacturing overhead cost? (Round your predetermined overhead rate percentage and final answers to 2 decimal places.)

Ending balance in the work in process: $298,000.00

Direct materials cost: $213,760.00

Manufacturing overhead cost: $51,840.00

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