What was the cost of raw materials, Cost Accounting

Assignment Help:

Raw Materials: Manufacturing Overhead
Bal 1/1: 36,000 Credits: ? Debits: 383,000 Credits: ?
Debits: 470,000
Bal: 12/3: 156,000

Work in Process:
Bal 1/1: 73,000 Credits: 770,000 Factory Wages Payable
Direct Materials: 327,000 Debits: 172,000 Bal 1/1: 16,000
Direct Labor: 116,000 Credits: 180,000
Overhead: 460,000 Bal 12/31: 24,000
Bal: 12/31: ?

Finished Goods Cost of goods sold
Bal 1/1: 43,000 Credits: ? Debits: ?
Debits: ?
Bal 12/31: 138,000

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 under applied or over applied overhead)?
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)
7. Was manufacturing overhead under applied or over applied? By how much?
8. Computer the ending balance in the Work in Process inventory account. Assume that this balance consists entirely of goods started during the year. If $32,900 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 answer to 2 decimal places)

 


Related Discussions:- What was the cost of raw materials

Valuation of work in progress, Valuation of Work In Progress The con...

Valuation of Work In Progress The concept of Equivalent units It is a notional quantity of completed goods in the production process. This is a collection of work applic

What is the predetermined overhead rate, Morrow Company applies overhead ba...

Morrow Company applies overhead based on direct labor hours. At the beginning of the year, Morrow estimates overhead to be $620,000, machine hours to be 180,000, and direct labor h

Job order costing, Amazing acrobatics performs acrobatics in stadiums aroun...

Amazing acrobatics performs acrobatics in stadiums around the world. The average show sells about 1,000 tickets at $60 per ticket. Each show requires a team of 45 highly trained sp

Material costs, Material Costs Material refers to each physical input ...

Material Costs Material refers to each physical input into the production procedure. They involve the giving as: Raw material refers to bought in material that is used

Prepare the report and explaining the growth, You are a beginner accountant...

You are a beginner accountant with a large accountancy firm and a training day has been organised to update all technical staff on a range of topics across numerous technical disci

Compute variances for variable costs and fixed costs, The Houston Chamber O...

The Houston Chamber Orchestra presents a series of concerts throughout the year. Budgeted fixed costs total $300,000 for the concert season; variable costs are expected to average

Assignment, What is the major value of the weighted cost of capital calcula...

What is the major value of the weighted cost of capital calculation for the firm?

What is operating costing, Describe Operating Costing The Chartered Ins...

Describe Operating Costing The Chartered Institute of Management Accountants, London defines "operating cost" as "the cost of providing a service." Services performed may be in

Economic order quantity, KIW Ltd currently orders Material B in batches of ...

KIW Ltd currently orders Material B in batches of 2,500 kgs. Material B is consumed at a steady, known rate over the company's planning horizon of one year. The current usage is 40

Write Your Message!

Captcha
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