selected t accounts for rolm company are given below for the just completed year 506749
| Selected T-accounts for Rolm Company are given below for the just completed year: |
| Raw Materials | Manufacturing Overhead | |||||
| Bal. 1/1 32,000 | Credits? | Debits386,000 | Credits? | |||
| Debits 410,000 | ||||||
| Bal. 12/3156,000 | ||||||
| Work in Process | Factory Wages Payable | ||||||
| Bal. 1/1 72,000 | Credits 790,000 | Debits 175,000 | Bal. 1/114,000 | ||||
| Direct materials324,000 | Credits184,000 | ||||||
| Direct labor118,000 | Bal. 12/3123,000 | ||||||
| Overhead450,000 | |||||||
| Bal. 12/31 ? | |||||||
| Finished Goods | Cost of Goods Sold | |||||
| Bal. 1/1 44,000 | Credits ? | Debits ? | ||||
| Debits ? | ||||||
| Bal. 12/31 136,000 | ||||||
| Required: | |
| 1. | What was the cost of raw materials put into production during the year? |
| The cost of raw materials | $ |
| 2. | How much of the materials in (1) above consisted of indirect materials? |
| Indirect materials | $ |
| 3. | How much of the factory labor cost for the year consisted of indirect labor? |
| Indirect labor cost | $ |
| 4. | What was the cost of goods manufactured for the year? |
| Cost of goods manufactured | $ |
| 5. | What was the cost of goods sold for the year (before considering underapplied or overapplied overhead)? |
| Cost of goods sold | $ |
| 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.) |
| The predetermined overhead rate was % of direct materials cost |
| 7. | Was manufacturing overhead underapplied or overapplied? By how much? (Input the amount as apositive value.) |
| 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 $32,600 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.) |
| Ending balance in the work in process | $ |
| Direct labor cost | $ |
| Manufacturing overhead cost | $ |
3.
value:
10.00 points
| The Pacific Manufacturing Company operates a job-order costing system and applies overhead cost to jobs on the basis of direct labor cost. Its predetermined overhead rate was based on a cost formula that estimated $127,400 of manufacturing overhead for an estimated allocation base of $91,000 direct labor dollars. The company has provided the following data: |
| Inventories | Beginning | Ending | ||||||||
| Raw materials | $ | 23,000 | $ | 12,000 | ||||||
| Work in process | $ | 50,000 | $ | 39,000 | ||||||
| Finished goods | $ | 71,000 | $ | 59,000 | ||||||
| The following actual costs were incurred during the year: |
| Purchase of raw materials (all direct) | $ | 132,000 | ||
| Direct labor cost | $ | 87,000 | ||
| Actual manufacturing overhead costs: | ||||
| Insurance, factory | $ | 11,400 | ||
| Depreciation of equipment | $ | 18,000 | ||
| Indirect labor | $ | 33,800 | ||
| Property taxes | $ | 8,700 | ||
| Maintenance | $ | 15,000 | ||
| Rent, building | $ | 38,000 | ||
| Required: | ||
| 1-a. | Compute the predetermined overhead rate for the year. | |
| Predetermined overhead rate | % |
| 1-b. | Compute the amount of underapplied or overapplied overhead for the year. (Input the amount as apositive value.) |
| (Click to select)UnderappliedOverapplied overhead | $ |
| 2. | Prepare a schedule of cost of goods manufactured for the year. Assume all raw materials are used in production as direct materials. (Input all amounts as positive values.) |
| Pacific Manufacturing Company Schedule of Cost of Goods Manufactured |
||||
| Direct materials: | ||||
| (Click to select)Work in process, beginningRaw materials inventory, endingRaw materials inventory, beginningManufacturing overhead applied to work in processWork in process, ending | $ | |||
| (Click to select)DeductAdd: (Click to select)Work in process, beginningRaw materials inventory, endingCost of goods manufacturedWork in process, endingPurchases of raw materials | ||||
| Total raw materials available | ||||
| (Click to select)AddDeduct: (Click to select)Work in process, beginningWork in process, endingRaw materials inventory, endingRaw materials inventory, beginningPurchases of raw materials | ||||
| Raw materials used in production | $ | |||
| (Click to select)Raw materials inventory, endingDirect laborWork in process, endingWork in process, beginningPurchases of raw materials | ||||
| (Click to select)Manufacturing overhead applied to work in processWork in process, endingPurchases of raw materialsWork in process, beginningRaw materials inventory, ending | ||||
| Total manufacturing cost | ||||
| (Click to select)AddDeduct: (Click to select)Raw materials inventory endingWork in process, beginningPurchases of raw materialsRaw materials inventory, beginningWork in process, ending | ||||
| (Click to select)DeductAdd: (Click to select)Work in process, beginningWork in process, endingRaw materials inventory, beginningRaw materials inventory, endingPurchases of raw materials | ||||
| Cost of goods manufactured | $ | |||
| 3. | Compute the unadjusted cost of goods sold for the year. (Do not include any underapplied or overapplied overhead in your cost of goods sold figure.) |
| Unadjusted cost of goods sold | $ |
| 4. | Job 137 was started and completed during the year. What price would have been charged to the customer if the job required $4,000 in materials and $4,300 in direct labor cost, and the company priced its jobs at 40% above the job’s cost according to the accounting system? |
| Price to customer | $ |
| 5. | Direct labor made up $8,500 of the $39,000 ending Work in Process inventory balance. Supply the information missing below: |
| Direct materials | $ | |
| Direct labor | 8,500 | |
| Manufacturing overhead | ||
| Work in process inventory | $ 39,000 | |
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