Maurice Tutor

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    Argosy University/ Phoniex University/
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    Phoniex University
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Category > Accounting Posted 24 Aug 2017 My Price 9.00

Realm Company

PROBLEM 5–25 T-Account Analysis of Cost Flows [LO3, LO6, LO7]

Selected ledger accounts for Realm Company are given below for the just-completed year:

 

 

Raw Materials

 

Manufacturing Overhead

 

 

        

 

 

Work in Process

 

Factory Wages Payable

 

 

Text Box: Bal. 1/1 70,000 Direct materials 320,000 Direct labour 110,000 Overhead 400,000 Credits 810,000 Bal. 31/12 ?          Text Box: Debits 179,000 Bal. 1/1 10,000 Credits 175,000 Bal. 31/12 6,000

 

 

Finished Goods

 

Cost of Goods Sold

 

 

        

 

Required:

1.              What was the cost of raw materials put into production during the year?

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

 

 

 

 

 

 

3.              How much of the factory labour cost for the year consisted of indirect labour?

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

5.              What was the cost of goods sold for the year (before considering underapplied or overap- plied 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 underapplied or overapplied? 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 di- rect materials cost, how much of it is direct labour cost? Manufacturing overhead cost?

Answers

Maurice Tutor
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Status NEW Posted 24 Aug 2017 12:08 AM My Price 9.00

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