(Solved): Problem 3-11 (Static) T-Account Analysis of Cost Flows [LO3-2, LO3-3, LO3-4] Selected T-accounts of ...

Problem 3-11 (Static) T-Account Analysis of Cost Flows [LO3-2, LO3-3, LO3-4]

Selected T-accounts of Moore Company are given below for the just completed year:

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 labor cost, what predetermined overhead rate was in effect during the year?

7. Was manufacturing overhead underapplied or overapplied? By how much?

8. Compute the ending balance in Work in Process. Assume that this balance consists entirely of goods started during the year. If $8,000 of this balance is direct labor cost, how much of it is direct materials cost? Applied overhead cost?

If overhead is applied to production on the basis of direct labor cost, what predetermined overhead rate was in effect during the year?

	The predetermined overhead rate was ___ % of direct labor cost.

Was manufacturing overhead underapplied or overapplied? By how much?

	Manufacturing overhead was by

Compute the ending balance in Work in Process. Assume that this balance consists entirely of goods started during the year. If $8,000 of this balance is direct labor cost, how much of it is direct materials cost? Applied overhead cost?

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 answer. Ending balance in the work in process Direct materials cost Applied overhead cost \begin{tabular}{|} \hline \\ \hline \\ \hline \end{tabular}