Koebel Corp. uses a job order costing system with manufacturing overhead applied to products on the...
Koebel Corp. uses a job order costing system with manufacturing
overhead applied to products on the basis of direct labor hours.
For the upcoming year, Koebel Corp estimated total manufacturing
overhead cost at $619,200 and total direct labor hours of 51,600.
Koebel Corp. started the year with no beginning balances in either
Work in Process Inventory or Finished Goods Inventory. During the
year actual manufacturing overhead incurred was $610,000 and 48,800
direct labor hours were used.
(a) Calculate the predetermined overhead
rate.
(b) Calculate how much manufacturing overhead will
be applied to production.
(c) Is overhead over- or underapplied? By how
much? (Input the amount as positive
value.)
(d) What account should be adjusted for over- or
underapplied overhead? Should the balance be increased or
decreased?
Homework Answers
| a) | Est OH (A) | $6,19,200 | ||||||
| Est direct labor hrs (B) | 51,600 | |||||||
| Predetermined rate (A)/(B) | $12 | /hr | ||||||
| b) | Manufacturing overhead applied to production | |||||||
| Predetermined OH rate (A) | $12 | /hr | ||||||
| Actual direct labor hrs (B) | 48,800 | |||||||
| Manufacturing overhead applied to production (A)*(B) | $5,85,600 | |||||||
| c) | Overhead-under or absorption | |||||||
| Actual manufacturing overhead - Total manufacturing overhead applied = underapplied or (over applied) OH | ||||||||
| = | $610,000-$5,85,600 | |||||||
| = | $24,400 | (Under applied) | ||||||
| d) | Since Overhead is underapplied, Cost of Goods balance is increased(Dr) and Overhead GL balance is decreased(Cr) | |||||||
| Journal Entry | ||||||||
| Cost of Goods a/c Dr | $24,400 | |||||||
| Manufacturing Overheads a/c Cr | $24,400 | |||||||
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