1. Predetermined overhead rate = $ 264,000 / $ 80,000 = 3.3 times direct labor cost or 330 % of direct labor cost.
Job No. | Materials | Labor | Overhead Applied |
W 12 | $ 800 | $ 1,400 | $ 4,620 |
X 13 | 1,000 | 1,720 | 5,676 |
2. In the books og Bixby Company:
Event | Account Titles | Debit | Credit |
$ | $ | ||
3. | Materials | 10,905 | |
Cash | 10,905 | ||
4. | Work in Process | 14,170 | |
Manufacturing Overhead | 930 | ||
Materials | 8,200 | ||
Factory Labor | 6,900 | ||
5. | Manufacturing Overhead | 13,500 | |
Cash | 13,500 | ||
6. | Work in Process | 20,988 | |
Manufacturing Overhead | 20,988 | ||
7. | Finished Goods | 34,264 | |
Work in Process | 34,264 | ||
8.a. | Cash | 12,000 | |
Sales | 12,000 | ||
8. b. | Cost of Goods Sold | 8,694 | |
Finished Goods | 8,694 | ||
9. | Manufacturing Overhead | 6,558 | |
Work in Process ( 16,110 / 50,374 * 6,558) | 2,097.30 | ||
Finished Goods ( 25,570 / 50,374 * 6,558 ) | 3,328.86 | ||
Cost of Goods Sold ( 8,694 / 50,374 * 6,558 ) | 1,131.84 |
Ending balances :
Work in Process : $ 16,110
Finished Goods :$ 25,570
COGS : $ 8,694
Manufacturing overhead incurred : $ 14,430
Manufacturing overhead applied = $ 20,988
Manufacturing overhead overapplied = $ 20,988 - $ 14,430 = $ 6,558
1. The following selected data were taken from the records of the Bixby Company. The company...
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