Problem 5-26 T-Account Analysis of Cost Flows [LO3, L06, L07] Selected ledger accounts for Realm Company are given below

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Problem 5 26 T Account Analysis Of Cost Flows Lo3 L06 L07 Selected Ledger Accounts For Realm Company Are Given Below 1 (24.12 KiB) Viewed 57 times

Problem 5 26 T Account Analysis Of Cost Flows Lo3 L06 L07 Selected Ledger Accounts For Realm Company Are Given Below 2 (17.1 KiB) Viewed 57 times

Problem 5 26 T Account Analysis Of Cost Flows Lo3 L06 L07 Selected Ledger Accounts For Realm Company Are Given Below 3 (15.56 KiB) Viewed 57 times

Problem 5 26 T Account Analysis Of Cost Flows Lo3 L06 L07 Selected Ledger Accounts For Realm Company Are Given Below 4 (13.46 KiB) Viewed 57 times

Problem 5-26 T-Account Analysis of Cost Flows [LO3, L06, L07] Selected ledger accounts for Realm Company are given below for the just-completed year: Raw Materials Bal. 1/1 38,000 Credits Debits 460,000 Bal. 31/12 76,000 Manufacturing Overhead 403,400 Credits Debits Work in Process 82,000 Credits Bal. 1/1 870,000 Direct materials 336,000 126,000 Direct labour Overhead 420,000 Bal. 31/12 ? Debits Bal. 1/1 Debits Bal. 31/12 Debits Factory Wages Payable 199,000 Bal. Credits Bal. 31/12 Finished Goods 54,400 Credit 2 154,000 Cost of Goods Sold ? | 18,000 195,000 14,000 ?
Required: 1. What was the cost of raw materials put into production during the year? Cost of raw materials 2. How much of the materials in requirement 1 consisted of indirect materials? Indirect materials 3. How much of the factory labour cost for the year consisted of indirect labour? Indirect labour 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 rate was in effect during the year? Predetermined overhead rate 7. Was manufacturing overhead underapplied or overapplied? By how much? Manufacturing overhead was 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 $32,800 of this balance is direct materials cost, how much of it is direct labour cost? Manufacturing overhead cost? Ending balance in the work in process Direct labour cost Manufacturing overhead cost