Accounting Question – 2024
| Selected T-accounts for Rolm Company are given below for the just completed year: |
| Raw Materials | Manufacturing Overhead | |||
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Bal. 1/1 32,000 |
Credits ? |
Debits 387,000 |
Credits ? |
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Debits 450,000 |
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Bal. 12/31 58,000 |
| Work in Process | Factory Wages Payable | |||
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Bal. 1/1 71,000 |
Credits 740,000 |
Debits 177,000 |
Bal. 1/1 13,000 |
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| Direct materials 321,000 |
Credits 181,000 |
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Direct labor 111,000 |
Bal. 12/31 17,000 |
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Overhead 410,000 |
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Bal. 12/31 ? |
| Finished Goods | Cost of Goods Sold | |||
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Bal. 1/1 48,000 |
Credits ? |
Debits ? |
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Debits ? |
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Bal. 12/31 136,000 |
| 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 a positive value.) |
| Manufacturing overhead was (Click to select) overapplied underapplied 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 $32,200 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 | $ |
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