Homework Answers
| 1) | Pre-determined overhead rate = 760000/950000 = | 80.00% | |
| 2) | Raw materials inventory | 54000 | |
| Accounts payable | 54000 | ||
| [To record purchase of raw materials on account] | |||
| Factory payroll | 80000 | ||
| Salaries and wages payable | 76000 | ||
| Payroll taxes payable | 4000 | ||
| [To record incurring of factory salaries and wages] | |||
| Manufacturing overhead | 59800 | ||
| Accounts payable | 59800 | ||
| [To record mfg overhead incurred] | |||
| Work in process inventory | 48000 | ||
| Manufacturing overhead | 3000 | ||
| Raw materials inventory | 51000 | ||
| [To record issue of raw materials] | |||
| Work in process inventory | 78000 | ||
| Manufacturing overhead | 2000 | ||
| Factory payroll | 80000 | ||
| [To assign labor costs] | |||
| Work in process inventory [(52000+26000)*80%] | 62400 | ||
| Manufacturing overhead | 62400 | ||
| [To record assignment of manufacturing overhead] | |||
| Finished goods inventory [27000+52000+52000*80%] | 120600 | ||
| Work in process inventory | 120600 | ||
| [To record cost of Job A16 on completion] | |||
| Accounts receivable | 150000 | ||
| Sales | 150000 | ||
| [To record sale of Job A16 on account] | |||
| Cost of goods sold | 120600 | ||
| Finished goods inventory | 120600 | ||
| [To record COGS on sale] | |||
| 3) | Overhead incurred = 59800+3000+2000 = | 64800 | |
| Overhead applied | 62400 | ||
| Underapplied MOH | 2400 |
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