Question

The following cost data relate to the manufacturing activities of Chang Company during the just completed year: Manufacturing overhead costs incurred: Indirect materials Indirect labor Property taxes, factory Utilities, factory Depreciation, factory Insurance, factory Total actual manufacturing overhead costs incurred Other costs incurred: Purchases of raw materials (both direct and indirect) Direct labor coat Inventories: Raw materials, beginning Raw materials, ending Work in process, beginning Work in process, ending $ 17,000 150,000 10,000 90,000 147,000 12,000 $426,000 $420,000 $ 80,000 $ 22,000 $ 32,000 $ 42,000 $ 72,000 The company uses a predetermined overhead rate of $20 per machine-hour to apply overhead cost to jobs. A total of 21.700 hours were used during the year. Required: 1. Compute the amount of underapplied or overapplied overhead cost for the year. 2. Prepare a schedule of cost of goods manufactured for the year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the amount of underapplied or overapplied overhead cost for the year. < Prey 3 of !!!

Answer 1

Con = FCDDF000 (Autosaved) (Autosaved) (Autosaved) - Microsoft Excel - 0 X Page Layout Formulas Data Review View = = = Custom Fill Home Insert * Cut La Copy Paste Format Painter Clipboard A1 Comic Sans MS - 11 - A A BI UBA Font O fx Requirement 1 D Wrap Text 1 Merge & Center - Alignment Insert Delete Format Conditional Format Formatting as Table Styles Cell Styles Clear Z Sort & Find & Filter Select Editing Number Cells A C D E F G H I 1 Requirement 1 2 Overapplied Overhead Cost $8000 4 Working : 5 Manfacturing Overhead Cost : 6 Indirect Materials $ 17,000.00 7 Property taxes, Factory $ 10,000.00 8 Utilities, Factory $ 90,000.00 9 Indirect labour $ 1,50,000.00 10 Depreciation, Factory $ 1,47,000.00 11 Insurance, Factory $ 12,000.00 12 Total $ 4,26,000.00 13 14 Allocated MOH : 21700 Hrs* $ 20 $ 4,34,000.00 15 16 Overapplied MOH : 434000-426000-$8000 K Sheet236 Sheet228 Sheet229 Sheet232 Sheet234 Sheet237 February January December Sheet83 ™ Ready + BO 130% ^ to a 1x ENG 29-02-20202 00:24 = 1 Type here to search o Bi e ạ | 1 9 |

FCDDF000 (Autosaved) (Autosaved) (Autosaved) - Microsoft Excel - 0 X Page Layout Formulas Data Review View Con = Home Insert * Cut La Copy Paste Format Painter Clipboard H1 = = = D Custom Wrap Text 1 Merge & Center - Fill Comic Sans MS - 11 - A A BI UBA Font f ic Requirement 2 Insert Delete Format Conditional Format Formatting as Table Styles Cell Styles Clear Z Sort & Find & Filter Select Editing Alignment Number Cells L M N O P Q R $ 42,000.00 $4,20,000.00 $4,62,000.00 $ 32,000.00 1 Requirement 2 2 Chang Company 3 Schedule of cost of goods manfactured 4 Direct Materials : 5 Raw material beginning 6 Add: purchase of raw materials 7 Total raw materials available 8 Less : Raw material ending 9 Raw materials used in production 10 Direct labour 11 Manfacturing Overhead applied 12 Total Manfacturing Costs 13 Add : Beginning Work in process inventory 14 15 Less : Ending Work in process inventory 16 Cost of goods manfactured 17 $ 4,30,000.00 $ 80,000.00 $ 4,34,000.00 $ 9,44,000.00 $ 42,000.00 $ 72,000.00 $9,14,000.00 18 K Sheet236 Sheet228 Sheet229 Sheet232 Sheet234 Sheet237 February January DecemberSheet83 ™ Ready 120% - 0. 90 ^ ¢ 00:30 Type here to search o Bi e ạ | 1 9 | ¢x ENG 20 29-02-20202