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ACCT 6111 Assignment 2 -Case II and III

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Question;Case2: ABC CostingAssignment 2Case 3: Product Cost FlowsSelected T-accounts for Muscat Company are given below for the just completed year: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 underapplied or overappliedoverhead)?6.If overhead is applied to production on the basis of direct materials cost, what rate was in effectduring 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 balanceconsists 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#39680 | Written in 18-Jul-2015

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