29 Jun Question ACCT6111 Fall 2013 Assignment
Question
ACCT6111 Fall 2013 Assignment 2
Case 3: Product Cost Flows
Selected T-accounts for Muscat Company are given below for the just completed year:
Raw Materials Manufacturing Overhead
Bal. 1/1 30,000 Credits Debits 385,000 Credits
Debits 420,000____________
Bal, 12/31 60,000
Work in Process Factory Wages Payable
Bal. 1/1 70,000 Credits 810.000 Debits 179,000 Bal, 1/1 10,000
Direct materials 320,000 Credits 175,000
Direct labor 110.000 Bal. 12/31 6,000
Overhead 400,000________________
Bal. 12/31
Finished Goods Cost of Goods Sold
Bal. 1/1 40.000 Credits Debits
Debits________________________
Bal, 12/31 130.000
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 under-applied or over-applied 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 under-applied or over-applied? 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 $32,000 of this balance is direct materials cost, how much of it is direct labor cost? Manufacturing overhead cost?
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