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Telstar uses job order costing. The T-accounts below summarize its production activity for the year....

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Accounting

Telstar uses job order costing. The T-accounts below summarize its production activity for the year.

Raw Materials InventoryDebitCredit45,90025,1508,900

Factory Wages PayableDebitCredit126,90086,65041,150

Factory OverheadDebitCredit8,900103,58441,15062,270 Work in Process InventoryDebitCredit25,150171,22086,650103,584

Finished Goods InventoryDebitCredit171,22015,41,90

Compute the amount for each of the following.

  1. Direct materials used
  2. Indirect materials used
  3. Direct labor used
  4. Indirect labor used
  5. Cost of goods manufactured
  6. Cost of goods sold (before closing over- or underapplied overhead)
  7. Compute the amount that overhead is overapplied or underapplied.

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