Raw Materials Manufacturing Overhead ——————————————————————————– Bal. 1/1 30,000 —————————-

Raw Materials Manufacturing Overhead

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Bal. 1/1 30,000

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Credits ?

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Debits 385,000

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Credits ?

Debits 420,000

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Bal. 12/31 60,000

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Work in Process Factory Wages Payable

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Bal. 1/1 70,000

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Credits 810,000

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Debits 179,000

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Bal. 1/1 10,000

Direct materials 320,000

Credits 175,000

Direct labor 110,000

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Overhead 400,000

Bal. 12/31 6,000

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Bal. 12/31 ?

Finished Goods Cost of Goods Sold

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Bal. 1/1 40,000

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Credit ?

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Debits ?

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Debits ?

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Bal. 12/31 130,000

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Required:

1. What was the cost of raw materials put into production during the year? (Omit the “$” sign in your response.)

The cost of raw materials $

2. How much of the materials in (1) above consisted of indirect materials? (Omit the “$” sign in your response.)

Indirect materials $

3. How much of the factory labor cost for the year consisted of indirect labor? (Omit the “$” sign in your response.)

Indirect labor cost $

4. What was the cost of goods manufactured for the year? (Omit the “$” sign in your response.)

Cost of goods manufactured $

5. What was the cost of goods sold for the year (before considering underapplied or overapplied overhead)? (Omit the “$” sign in your response.)

Cost of goods sold $

6. If overhead is applied to production on the basis of direct materials cost, what rate was in effect during the year? (Omit the “%” sign in your response.)

The predetermined overhead rate was % of direct materials cost

7. Was manufacturing overhead underapplied or overapplied? By how much? (Input the amount as a positive value. Omit the “$” sign in your response.)

Manufacturing overhead was (Click to select)overappliedunderapplied by $

8. Compute the ending balance in the work in process inventory account. Assume that this balance consists entirely of goods started during the year. If $32,000 of this balance is direct materials cost, how much of it is direct labor cost? Manufacturing overhead cost? (Omit the “$” sign in your response.)

Ending balance in the work in process $

Direct labor cost $

Manufacturing overhead cost $

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