Soldatna Corporation’s controller frequently prepared T-accounts

Soldatna Corporation’s controller frequently prepared T-accounts
to analyze inventory. However, his
penmanship was poor and he is no longer employed by the company. The following was reconstructed from a
scratch pad left on his desk. The
missing values (?) were illegible.
Analyze the information and answer the requirements that follow.

Raw Materials

Cost of Goods Sold

beg. bal.
?
?

491,000
?

175,000

491,000
?

175,000
?

481,000

102,000

Work in Process

Factory Overhead

beg. bal.
44,000
460,000

35,000
?

113,000

40,000

?

75,000

?

?

477,000
?

?
?

?

?

Finished Goods

beg. bal.
131,000
?

?

?
?

100,000

(a)
Overhead is applied at
100% of direct labor cost. How much
was direct labor?

(b)
Was overhead over- or
underapplied, and by how much?

(c)
Which inventory
category increased?

(d)
Other factory
overhead, besides indirect material and indirect labor, was $75,000. Indirect labor was 25% of the direct
labor. How much was indirect material?

(e)
How much was cost of
goods manufactured?

Raw Materials

Cost of Goods Sold

beg. bal.
?
?

491,000
?

175,000

491,000
?

175,000
?

481,000

102,000

Work in Process

Factory Overhead

beg. bal.
44,000
460,000

35,000
?

113,000

40,000

?

75,000

?

?

477,000
?

?
?

?

?

Finished Goods

beg. bal.
131,000
?

?

?
?

100,000

(a)

(b)

(c)

(d)

(e)

 

 

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