Selected T-accounts for Rolm Company are given below for the just completed year:
| Raw Materials |
|
Manufacturing Overhead |
|
Bal. 1/1 36,000
|
|
Credits ?
|
|
Debits 388,000
|
|
Credits ?
|
|
Debits 450,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Bal. 12/31 58,000
|
|
|
|
|
|
|
| Work in Process |
|
Factory Wages Payable |
|
Bal. 1/1 72,000
|
|
Credits 740,000
|
|
Debits 177,000
|
|
Bal. 1/1 12,000
|
| Direct materials 328,000 |
|
|
|
|
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Credits 177,000
|
|
|
|
|
|
|
|
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Direct labor 112,000
|
|
|
|
|
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Bal. 12/31 12,000
|
|
Overhead 410,000
|
|
|
|
|
|
|
|
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|
|
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Bal. 12/31 ?
|
|
|
|
|
|
|
| Finished Goods |
|
Cost of Goods Sold |
|
Bal. 1/1 45,000
|
|
Credit ?
|
|
Debits ?
|
|
|
|
Debits ?
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Bal. 12/31 139,000
|
|
|
|
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|
|
| 1. |
What was the cost of raw materials put into production during the year? (Omit the "$" sign in your response.)
|
| The cost of raw materials |
$ |
| 2. |
How much of the materials in (1) above consisted of indirect materials? (Omit the "$" sign in your response.)
|
| 3. |
How much of the factory labor cost for the year consisted of indirect labor? (Omit the "$" sign in your response.)
|
| 4. |
What was the cost of goods manufactured for the year? (Omit the "$" sign in your response.)
|
| Cost of goods manufactured |
$ |
| 5. |
What was the cost of goods sold for the year (before considering underapplied or overapplied overhead)? (Omit the "$" sign in your response.)
|
| 6. |
If overhead is applied to production on the basis of direct materials cost, what rate was in effect during the year? (Round your answer to 2 decimal places. Omit the "%" sign in your response.)
|
| The predetermined overhead rate was % of direct materials cost |
| 7. |
Was manufacturing overhead underapplied or overapplied? By how much? (Input the amount as a positive value. Omit the "$" sign in your response.)
|
| Manufacturing overhead was (Click to select)underappliedoverapplied by $ |
| 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 $32,800 of this balance is direct materials cost, how much of it is direct labor cost? Manufacturing overhead cost? (Round your predetermined overhead rate percentage and final answers to 2 decimal places. Omit the "$" sign in your response.)
|
| Ending balance in the work in process |
$ |
| Direct labor cost |
$ |
| Manufacturing overhead cost |
$ |