Requirements | ||||
1 | Predetermined Overhead Rate | 130% | (109200/84000) | |
2 | Direct materials used = | Beginning direct materials + Purchases - Ending direct materials | ||
Direct materials used = | $146,000 | (28000+131000-13000) | ||
Overhead applied = | Direct material used * Predetermined overhead rate | |||
$189,800 | (146,000*130%) | |||
Actual overhead incurred | $192,800 | (113000+8800+15000+15000+10000+31000) | ||
UNDERAPPLIED | $3,000 | (192,800-189,800) | ||
3 | Direct materials | $ | $ | |
Beginning raw material Inventory | $28,000 | |||
Add: Purchases of Raw material | $131,000 | |||
Total Raw material available | $159,000 | |||
Less: Ending Raw Material Inventory | $13,000 | |||
Raw Materials used in Production | $146,000 | |||
Direct labor | $80,000 | |||
Manufacturing overhead applied to WIP | $189,800 | |||
Total manufacturing costs | $415,800 | |||
Add: Beginning work in process inventory | $45,000 | |||
Less: Ending work in process inventory | $36,000 | |||
Cost of Goods manufactured | $424,800 | |||
4 | Unadjusted Cost of goods sold = | Beginning finished goods + Cost of goods manufactured - Ending finished goods | ||
69000+424800-59000 | ||||
$434,800 | ||||
5 | Direct materials | $8,600 | ||
Direct labor | $16,220 | (36,000-8,600-11,180) | ||
Manufacturing overhead | $11,180 | (8600*130%) | ||
Work in process inventory | $36,000 |
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Return to question Gitano Products operates a job-order costing system and applies overhead cost to jobs...
Gitano Products operates a job-order costing system and applies overhead cost to jobs on the basis of direct materials used in production (not on the basis of raw materials purchased). Its predetermined overhead rate was based on a cost formula that estimated $111,800 of manufacturing overhead for an estimated allocation base of $86,000 direct material dollars to be used in production. The company has provided the following data for the just completed year: $ 130,000 $ 82,000 Purchase of raw...
Gitano Products operates a job-order costing system and applies overhead cost to jobs on the basis of direct materials used in production (not on the basis of raw materials purchased). Its predetermined overhead rate was based on a cost formula that estimated $117,000 of manufacturing overhead for an estimated allocation base of $90,000 direct material dollars to be used in production. The company has provided the following data for the just completed year: $ 136,000 $ 86,000 Purchase of raw...
Gitano Products operates a job-order costing system and applies overhead cost to jobs on the basis of direct materials used in production (not on the basis of raw materials purchased). Its predetermined overhead rate was based on a cost formula that estimated $136.500 of manufacturing overhead for an estimated allocation base of $91.000 direct material dollars to be used in production. The company has provided the following data for the just completed year. $ 139,000 $ 87,000 Purchase of raw...
Gitano Products operates a job-order costing system and applies overhead cost to jobs on the basis of direct materials used in production (not on the basis of raw materials purchased). Its predetermined overhead rate was based on a cost formula that estimated $126,000 of manufacturing overhead for an estimated allocation base of $90,000 direct material dollars to be used in production. The company has provided the following data for the just completed year $ 130,000 $ 86,000 Purchase of raw...
Gitano Products operates a job-order costing system and applies overhead cost to jobs on the basis of direct materials used in production (not on the basis of raw materials purchased). Its predetermined overhead rate was based on a cost formula that estimated $119,600 of manufacturing overhead for an estimated allocation base of $92,000 direct material dollars to be used in production. The company has provided the following data for the just completed year: Purchase of raw materials $ 137,000 Direct...
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Gitano Products operates a job-order costing system and applies overhead cost to jobs on the basis of direct materials used in production (not on the basis of raw materials purchased). Its predetermined overhead rate was based on a cost formula that estimated $111.800 of manufacturing overhead for an estimated allocation base of $86,000 direct material dollars to be used in production. The company has provided the following data for the just completed year. $ 134,000 $ 82,000 Purchase of raw...
Gitano Products operates a job-order costing system and applies overhead cost to jobs on the basis of direct materials used in production (not on the basis of raw materials purchased). Its predetermined overhead rate was based on a cost formula that estimated $121,800 of manufacturing overhead for an estimated allocation base of $87,000 direct material dollars to be used in production. The company has provided the following data for the just completed year: $ 134,000 $ 83,000 Purchase of raw...
Gitano Products operates a job-order costing system and applies overhead cost to jobs on the basis of direct materials used in production (not on the basis of raw materials purchased). Its predetermined overhead rate was based on a cost formula that estimated $119,000 of manufacturing overhead for an estimated allocation base of $85,000 direct material dollars to be used in production. The company has provided the following data for the just completed year: $ 134,000 $ 81,000 Purchase of raw...
Gitano Products operates a job-order costing system and applies overhead cost to jobs on the basis of direct materials used in production (not on the basis of raw materials purchased). Its predetermined overhead rate was based on a cost formula that estimated $105,600 of manufacturing overhead for an estimated allocation base of $88.000 direct material dollars to be used in production. The company has provided the following data for the just completed year. $ 132,eee $ 84, eee Purchase of...