OneClass: Chapter 18 - Final Problem #1 The debits to Work in Process

Chapter 18 - Final Problem #1

The debits to Work in Process

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Chapter 18 - Final Problem #1: Cost of Production Report

The debits to Work in Process

Work in Process

Factory Wages Payable

Bal. 1/1 80,000	Credits 550,000	Debits 175,000	Bal.1/1 10,000
Directmaterials 327,000			Credits 179,000

Directlabor 151,000			Bal.12/31 14,000
Overhead 241,600

Bal. 12/31 ?

Finished Goods

Cost of Goods Sold

6.	If overhead is applied to production on the basis of directlabor cost, what rate was in effect during the year? (Roundyour percentage answer to 2 decimal (i.e., 0.1234 needs to beconsidered as 12.34.))

7.	Was manufacturing overhead underapplied or overapplied? By howmuch?

8.

Compute the ending balance in the Work in Process inventoryaccount. Assume that this balance consists entirely of goodsstarted during the year. If $32,100 of this balance is direct laborcost, how much of it is direct materials cost? Manufacturingoverhead cost? (Round your predetermined overhead ratepercentage and final answers to 2 decimal places.)

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Raw Materials

Manufacturing Overhead

Work in Process

Factory Wages Payable

Bal. 1/1 80,000	Credits 550,000	Debits 175,000	Bal.1/1 10,000
Directmaterials 327,000			Credits 179,000

Directlabor 151,000			Bal.12/31 14,000
Overhead 241,600

Bal. 12/31 ?

Finished Goods

Cost of Goods Sold

Bal. 1/1 48,000

Credit ?

Debits ?

Bal. 12/31 135,000

What was the cost of raw materials put into production duringthe year?

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

3.	How much of the factory labor cost for the year consisted ofindirect labor?

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

5.	What was the cost of goods sold for the year (before consideringunderapplied or overapplied overhead)?

6.	If overhead is applied to production on the basis of directlabor cost, what rate was in effect during the year? (Roundyour percentage answer to 2 decimal (i.e., 0.1234 needs to beconsidered as 12.34.))

7.	Was manufacturing overhead underapplied or overapplied? By howmuch?

8.

Compute the ending balance in the Work in Process inventoryaccount. Assume that this balance consists entirely of goodsstarted during the year. If $32,100 of this balance is direct laborcost, how much of it is direct materials cost? Manufacturingoverhead cost? (Round your predetermined overhead ratepercentage and final answers to 2 decimal places.)

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Bal. 1/1 32,000

Debits 213,000

Debits 490,000

Bal.12/31 59,000