posted by sally on .
Selected T-accounts for Rolm Company are given below for the just completed year:
Raw Materials Manufacturing Overhead
Bal. 1/1 31,000
Bal. 12/31 56,000
Work in Process Factory Wages Payable
Bal. 1/1 73,000
Bal. 1/1 14,000
Direct materials 329,000
Direct labor 114,000
Bal. 12/31 18,000
Bal. 12/31 ?
Finished Goods Cost of Goods Sold
Bal. 1/1 50,000
Bal. 12/31 131,000
What was the cost of raw materials put into production during the year?
The cost of raw materials $
How much of the materials in (1) above consisted of indirect materials?
Indirect materials $
How much of the factory labor cost for the year consisted of indirect labor?
Indirect labor cost $
What was the cost of goods manufactured for the year?
Cost of goods manufactured $
What was the cost of goods sold for the year (before considering underapplied or overapplied overhead)?
Cost of goods sold $
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
Was manufacturing overhead underapplied or overapplied? By how much? (Input the amount as a positive value.)
Manufacturing overhead was by $
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 $