Selected t-accounts for rolm company are given below for the just completed year: raw materials manufacturing overhead bal. 1/1 38,000 credits ? debits 388,000 credits ? debits 450,000 bal. 12/31 55,000 work in process factory wages payable bal. 1/1 79,000 credits 780,000 debits 177,000 bal. 1/1 10,000 direct materials 328,000 credits 181,000 direct labor 119,000 overhead 420,000 bal. 12/31 14,000 bal. 12/31 ? finished goods cost of goods sold bal. 1/1 47,000 credits ? debits ? debits ? bal. 12/31 138,000 required: 1. what was the cost of raw materials put into production during the year? 2. how much of the materials in requirement 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 overapplied overhead)? 6. if overhead is applied to production on the basis of direct materials cost, what predetermined overhead rate was in effect during the year? (round your answer to 2 decimal places.) 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 balance consists entirely of goods started during the year. if $32,200 of this balance is direct materials cost, how much of it is direct labor cost? manufacturing overhead cost? (round your predetermined overhead rate percentage and final answers to two decimal places.)

Fred smithers, a recent college graduate decided to open his own portable juice bar, smithers smoothies, to wheel around newport beach. you, a trusted friend of fred, are a business major that has also recently graduated and agreed to handle the books for a while to get some practical experience and have a favor that you can ask of fred in the future. given the following five transactions concerning the new venture, prepare the necessary journal entries for the transactions, post the journal entries to appropriate t accounts and prepare a trial balance as of the end of the month in order to answer to the necessary may 2: fred invests $12,000 of his own money to start the new company. this money was obtained from a part-time job working at a legal firm while he was in school. may 3: fred spent $5,100 cash to purchase a refrigerated trailer that he can pull behind his car and set up at the beach. under your advice, fred agrees to place the new asset under an account called "equipment." may 6: fred bought $640 of supplies on account from the flav-o-rite confectioners company. because they will last longer than a single accounting period fred agrees to record them as, "supplies" as per your suggestion. may 13: fred sat on the beach for six hours without a single sale and was feeling very down. right before he left, however, a plumber escorting his family reunion along the beach stopped by his stand and bought $800 worth of smoothies for the entire family. under your advice, fred agrees to call this cash revenue, "sales." may 15: excited about his new venture, fred withdraws $350 from the company to take his girlfriend out to dinner. what would be the balance in the cash account at the end of the period following the posting of all the transactions?