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

Differential exploitation account, initial stock.=21,926,150 purchases.=361...

initial stock.=21,926,150 purchases.=361,550,000 other expenses=207,000,000 operatig profit=34,500,000 sqles=600,000,000 disc received=23,976,150 final stock=1000,000 variable exp

Cash flow budget, the total (ie. aggregated) cashflows in respect to operat...

the total (ie. aggregated) cashflows in respect to operations, with details of annual cash inflows & annual outflows in respect to operations, the total (ie. aggregated) cashflo

Illustration of overhead variance analysis, Illustration of Overhead Varian...

Illustration of Overhead Variance Analysis Again for intentions of our demonstrations in overhead variance analysis, we will suppose the given basic data for company in the pr

Calculate the bad debt estimation, Q. 1. The 31st December 2009 trial balan...

Q. 1. The 31st December 2009 trial balance of Anika Co. reported the following information. Dr. Cr. Allowance for Bad Debts........................... $1,300 During the year 201

High - low method of cost estimation, High - Low Method of Cost Estimation ...

High - Low Method of Cost Estimation Now, cost estimation is based upon the relationship between past level and past cost of activity. Variable cost is based on the relationsh

Contract costing, Contract Costing It is a form of exact order costing...

Contract Costing It is a form of exact order costing, which is applied to relatively large cost units that normally get a considerable length of time to complete as an example

Prepaid expenses, Expenses paid in previous of their use or consumption is ...

Expenses paid in previous of their use or consumption is termed as prepaid expenses. At the ending of the year, a portion of the payment keeps unconsumed and is treated like an ass

Fixed overhead variance (fov), F ixed Overhead Variance (FOV) Fixed...

F ixed Overhead Variance (FOV) Fixed overhead variance has been described by ICMA, London, as 'the variation between the standard cost of fixed overhead absorbed in the pro

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