Please show work, thank you! 1. Compute the predetermined overhead rate for the year. 2.Compute the...
1. Predetermined overhead rate: 130%
2. Underapplied overhead 3,800
3. Prepare a schedule of cost of goods manufactured for the
year. Assume all raw materials used in production as direct
materials.
4. Compute the unadjusted cost of goods sold for the year. Do
not include any underapplied or overapplied overhead in your
answer.
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...
1. Compute the predetermined overhead rate for the year.
2. Compute the amount of underapplied or overapplied overhead
for the year.
3. Prepare a schedule of cost of goods manufactured for the
year. Assume all raw materials are used in production as direct
materials.
4. Compute the unadjusted cost of goods sold for the year. Do
not include any underapplied or overapplied overhead in your
answer.
5. Assume that the $38,000 ending balance in Work in Process
includes $8,100 of...
1. Compute the predetermined overhead rate for the year.
2. Compute the amount of underapplied or overapplied overhead
for the year.
3. Prepare a schedule of cost of goods manufactured for the
year. Assume all raw materials are used in production as direct
materials.
4. Compute the unadjusted cost of goods sold for the year. Do
not include any underapplied or overapplied overhead in your
answer.
5. Assume that the $39,000 ending balance in Work in Process
includes $8,400 of...
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 $113,100 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: Purchase of raw materials $ 139,000 Direct...
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 $113,100 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: Required: 1. Compute the predetermined overhead rate for the...
Gitgo 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 $113,100 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:
Purchase of raw materials
$
131,000
Direct...
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 $113,100 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: $ 138,000 $ 83,000 $ Purchase of...
Check my work 3 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: 5 points $...
please show all work and formulas used
PROBLEM 3-14 Schedule of Cost of Goods Manufactured; Overhead Analysis LO3-3, LO3-4 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 $800,000 of manufacturing overhead for an estimated allocation base of $500,000 direct material dollars to be Page 14 used...
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 $128,800 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 $ 133,000 Direct...