for LindaT-Account analysis of cost flows Selected T-accounts for the Rolm Company are given below for the just completed year. Raw Materials Bal. 1/ 1 30,000 Credits....?Debits 420,000 Bal. 12/13 60,000 Work in Process Bal. 1/1 7,000 Credits 810,000Direct materials 320000 Direct labor 110000 Overhead 400000 Bal. 12/31 ? Finished goods Bal. 1/1 40000 Credits ?Debits ? Bal 12/31 130000 Manufacturing Overhead Debits 385000 Credits ? Factory Wages payable Debits 179000 Bal. 1/1 10000 Credits 175000 Bal. 12/31 6000 Cost of Goods Sold Debits ? 1. What was the cost of Raw Materials put in 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 underapplied or overapplied overhead)? 6. If overhead is applied to production on the basis of direct materials cost, what rate was in effect during the year? 7. Was manufacturing overhead underapplied or overapplied? By how much? "8. Compute the ending balance in the WIP inventory account. Assume that this balance consists entirely ofgoods started during the year. If $32,000 of this balances is direct material cost, how much of it is it direct labor?Manufacturing overhead cost?" tomorrow afternoon (deadline)
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Post Graduate Diploma in Management (MBA)