What was the cost of raw materials

Assignment Help Accounting Basics
Reference no: EM13126129

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

Raw Materials Manufacturing Overhead
Bal. 1/1 38,000 Credits ? Debits 388,000 Credits ?
Debits 450,000
Bal. 12/31 55,000


Work in Process Factory Wages Payable
Bal. 1/1 79,000 Credits 780,000 Debits 177,000 Bal. 1/1 10,000
Direct Materials 328,000 Credits 181,000
Direct Labor 119,000 Bal. 12/31 14,000
Overhead 420,000
Bal. 12/31 ?


Finished Goods Cost of Goods Sold
Bal. 1/1 47,000 Credits ? Debits ?
Debits ?
Bal. 12/31 138,000


Required:
1. What was the cost of raw materials put into 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 Work in Process inventory account. Assume that this balance consists entirely of goods started during the year. If $32,200 of this balance is direct materials cost, how much of it is direct labor cost? Manufacturing overhead cost?

Reference no: EM13126129

Questions Cloud

Explain important information about ph and molarity : Important information about pH and Molarity, You add 5 drops of .100 M HCl to 100ml of "pure" water. Assuming that the volume of one drop is .035ml, calculate the expected pH of the resulting solution
Remainder of the loan : "A long term debt of 2,151,000 represents the remaining balance on a 30 year old loan taken out 20 years ago at 11 % which options to refinance every ten years. If we refinance for the remaining 10 years at 7% how much interest expense will we sav..
Create the adjusting entry under each basis : The estimated bad debts expense under the percentage of sales basis is $4,1000. The total estimated uncollectibles under the percentage of receivable basis is $5,800. Create the adjusting entry under each basis.
Equilibrium shift of the reaction and the ph of solution : Equilibrium shift of the reaction and the pH of solution, 1. The pressure on each of the following systems is decreased from 5 atm to 1 atm. Which way does the equilibrium shift in each of the following systems?
What was the cost of raw materials : Compute the ending balance in the Work in Process inventory account. Assume that this balance consists entirely of goods started during the year. If $32,200 of this balance is direct materials cost, how much of it is direct labor cost? Manufacturi..
Find percent confidence interval for population mean : Each home was 24 and the standard deviation of the sample was 5 people. Develop a 98 percent confidence interval for the population mean.
Explain how much chlorine must be added to a swimming pool : How Much Chlorine Must be Added to a Swimming Pool? A solution used to chlorinate a home swimming pool contains 7% chlorine by mass. An ideal chlorine level for the pool is one part per million (think of 1 ppm as being 1 g chlorine per million gra..
What is the concentration of reactant after one half-life : A certain second-order reaction has a rate constant of 1.10×10-3 at 27 C and an initial half-life of 226 . What is the concentration of the reactant after one half-life?
Find probability that sample mean falls in range : If you take a random sample of size 100 from this population, find the probability that the sample mean falls between 48 and 51.

Reviews

Write a Review

 

Accounting Basics Questions & Answers

  Issues or problems when determine the actual cost

Explain three issues or problems which a company could face when trying to find out the actual cost of the good or service which is to be used in the cost of goods sold.

  Accounting principle problem

Genesis Corporation is now in its 30th year of business. The founder of company is planning to retire at the end of year and turn the business over to his daughter.

  Preparing a statement of cash flows

Prepare a statement of cash flows (indirect method)for walker corportion for 2010. The 2010 and 2009 balanccer sheets of walker corporation follow. the 2010 income statement is also provided.

  How much should fishbone record as the cost of the machine

Cooper Corporation purchased a special tractor on December 31, 2012. The purchase agreement stipulated that Fishbone should pay $25,600 at the time of purchase and $7,700 at the end of each of the next 11 years. The tractor should be recorded on D..

  Determine the balance in the related deferred tax

What is the balance sheet account for which a temporary difference is created by the situation? Unearned subscription revenue or subscription revenue?

  Walmart illustration of inventory disclosure

Background: As one of the world's largest retail giants, Wal-Mart provides a perfect illustration of inventory disclosure. What is Walmart's ending inventory as of January 31, 2013? What percentage of Walmart's total assets is the Inventories asset?

  Determining fringe benefits

Why are fringe benefits provided by employers to employees more valuable to those employees than if the employer simply gave the employees the money necessary to purchase those fringe benefits?

  Sale and trading securities

Prepare the adjusting entry (if any) for 2007, assuming the securities are classified as trading. Prepare the adjusting entry (if any) for 2007, assuming the securities are classified as available for-sale.

  Determining future dividend value

A certain stock paid a dividend of $2.00 yesterday and has a history of growth in dividends of 15% annually. What dividend will the stock pay in 10 years?

  Result of the transaction problem

Carol continued to serve as president of Teal Corporation after the redemption. As a result of this transaction, which of the following is correct?

  Calculating gross estate tax base

Tom Hughes died in 2009 with a gross estate of $3.9 million and debt of $30,000. He made post-1976 taxable gifts of $100,000, valued at $80,000 when he died. His estate paid state death taxes of $110,200. What is his estate tax base?

  List some accounting information system

List some Accounting Information system (AIS) and Management information system.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd