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for Linda T-Account analysis of cost flows Selected

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T-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 810,000
Direct 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 of
goods 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)
Submitted: 6 years ago.
Category: Homework
Expert:  Linda_us replied 6 years ago.

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