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ACCT6111_Fall 2013_Assignment 2_Case 3_Muscat Company_Product Cost Flows




Question;ACCT6111;Fall 2013 Assignment;2;Case 3: Product Cost Flows;Selected T-accounts for Muscat Company are given below;for the just completed year;Raw Materials Manufacturing;Overhead;Bal. 1/1 30,000 Credits Debits 385,000 Credits;Debits 420,000;Bal, 12/31 60,000;Work;in Process Factory Wages Payable;Bal. 1/1 70,000 Credits;810.000 Debits 179,000 Bal, 1/1 10,000;Direct materials 320,000 Credits 175,000;Direct labor 110.000 Bal.;12/31 6,000;Overhead;400,000;Bal. 12/31;Finished;Goods Cost of Goods Sold;Bal. 1/1 40.000 Credits Debits;Debits;Bal, 12/31 130.000;Required;1. What;was the cost of raw materials put into 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 cost of goods sold for the year (before considering under-applied or;over-applied 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 under-applied or over-applied? 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 direct materials;cost, how much of it is direct labor cost? Manufacturing overhead cost?


Paper#38289 | Written in 18-Jul-2015

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