Raw Materials: Manufacturing Overhead
Bal 1/1: 36,000 Credits: ? Debits: 383,000 Credits: ?
Debits: 470,000
Bal: 12/3: 156,000
Work in Process:
Bal 1/1: 73,000 Credits: 770,000 Factory Wages Payable
Direct Materials: 327,000 Debits: 172,000 Bal 1/1: 16,000
Direct Labor: 116,000 Credits: 180,000
Overhead: 460,000 Bal 12/31: 24,000
Bal: 12/31: ?
Finished Goods Cost of goods sold
Bal 1/1: 43,000 Credits: ? Debits: ?
Debits: ?
Bal 12/31: 138,000
1. What was the cost of raw materials put into 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 cost of goods sold for the year (before considering under applied or over applied overhead)?
6. If overhead is applied to production on the basis of direct materials cost, what predetermined rate was in effect during the year?(round your answer to 2 decimal places)
7. Was manufacturing overhead under applied or over applied? By how much?
8. Computer the ending balance in the Work in Process inventory account. Assume that this balance consists entirely of goods started during the year. If $32,900 of this balance is direct materials cost, how much of it is direct labor cost? Manufacturing overhead cost? (Round your predetermined overhead rate percentage and final answer to 2 decimal places)