Selected t-accounts of moore company are given below for the just completed year: raw materials bal. 1/1 15,000 credits? debits 120,000 bal. 12/31 25,000 manufacturing overhead debits 230,000 credits? work in process bal. 1/1 20,000 credits 470,000 direct materials 90,000 direct labor 150,000 overhead 240,000 bal. 12/31? factory wages payable debits 185,000 bal. 1/1 9,000 credits 180,000 bal. 12/31 4,000 finished goods bal. 1/1 40,000 credits? debits? bal. 12/31 60,000 cost of goods sold debits? required: 1. what was the cost of raw materials used 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 unadjusted cost of goods sold for the year? do not include any underapplied or overapplied overhead in your answer. 6. if overhead is applied to production on the basis of direct la

Question

Business

Gilbert Ryan

22 May, 10:42

Selected t-accounts of moore company are given below for the just completed year: raw materials bal. 1/1 15,000 credits? debits 120,000 bal. 12/31 25,000 manufacturing overhead debits 230,000 credits? work in process bal. 1/1 20,000 credits 470,000 direct materials 90,000 direct labor 150,000 overhead 240,000 bal. 12/31? factory wages payable debits 185,000 bal. 1/1 9,000 credits 180,000 bal. 12/31 4,000 finished goods bal. 1/1 40,000 credits? debits? bal. 12/31 60,000 cost of goods sold debits? required: 1. what was the cost of raw materials used 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 unadjusted cost of goods sold for the year? do not include any underapplied or overapplied overhead in your answer. 6. if overhead is applied to production on the basis of direct la

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Keaton · Answer 1

1. what was the cost of raw materials used in production during the year?

The Cost of Raw Materials Used based on the T-account is 110,000

2. how much of the materials in (1) above consisted of indirect materials?

Of the 110,000 Cost of Raw Materials used, 20,000 consists of indirect materials.

110,000 - 90,000 = 20,000

3. how much of the factory labor cost for the year consisted of indirect labor?

The indirect labor of the factory labor cost for the year is 35,000.

185,000 - 150,000 = 35,000.

4. what was the cost of goods manufactured for the year?

The cost of goods manufactured for the year is 470,000. Work-in-Progress T-account.

5. what was the unadjusted cost of goods sold for the year?

The unadjusted Cost of goods sold for the year is 450,000. Finished goods T-account.