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April 19, 2014

Homework Help: accounting

Posted by sally on Saturday, September 8, 2012 at 5:05pm.

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

Raw Materials Manufacturing Overhead
Bal. 1/1 31,000

Credits ?

Debits 390,000

Credits ?
Debits 420,000








Bal. 12/31 56,000







Work in Process Factory Wages Payable
Bal. 1/1 73,000

Credits 710,000

Debits 172,000

Bal. 1/1 14,000
Direct materials 329,000


Credits 176,000


Direct labor 114,000





Bal. 12/31 18,000
Overhead 450,000








Bal. 12/31 ?






Finished Goods Cost of Goods Sold
Bal. 1/1 50,000

Credits ?

Debits ?


Debits ?








Bal. 12/31 131,000







Required:
1.
What was the cost of raw materials put into production during the year?

The cost of raw materials $

2.
How much of the materials in (1) above consisted of indirect materials?

Indirect materials $

3.
How much of the factory labor cost for the year consisted of indirect labor?

Indirect labor cost $

4.
What was the cost of goods manufactured for the year?

Cost of goods manufactured $

5.
What was the cost of goods sold for the year (before considering underapplied or overapplied overhead)?

Cost of goods sold $

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.)

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.)

Manufacturing overhead was 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 $32,400 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 answers to 2 decimal places.)

Ending balance in the work in process $
Direct labor cost $
Manufacturing overhead cost $

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