ACCT6111 Fall 2013 Assignment 2Case 3: Product Cost FlowsSelected T-accounts for

ACCT6111 Fall 2013 Assignment 2Case 3: Product Cost FlowsSelected T-accounts for Muscat Company are given below for the just completed year: Raw Materials Manufacturing OverheadBal. 1/1 30000 Credits Debits 385000 CreditsDebits 420000____________Bal 12/31 60000 Work in Process Factory Wages PayableBal. 1/1 70000 Credits 810.000 Debits 179000 Bal 1/1 10000Direct materials 320000 Credits 175000Direct labor 110.000 Bal.12/31 6000Overhead 400000________________Bal. 12/31 Finished Goods Cost of Goods SoldBal. 1/1 40.000 Credits DebitsDebits________________________Bal 12/31 130.000Required: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 $32000 of this balance is direct materials cost how much of it is direct labor cost? Manufacturing overhead cost?