Overhead rate = 680/320 = 2.1 of direct labor cost
Total manufacturing cost = 382000+313000+(313000*2.1) = 1352300
Cost of goods manufactured = 1352300+41400-37260 = 1356440
Applied overhead = 313000*2.1 = 657300
Actual overhead = 650700
Overapplied overhead = 657300-650700 = 6600
Un adjusted cost of goods sold = 25600+1356440-23040 = 1359000
Adjusted cost of goods sold = 1359000-6600 = 1352400
So answer is e) $1352400
Maple Mount Fishery is a canning company in Astoria. The company uses a normal costing system...
Maple Mount Fishery is a canning company in Astoria. The company uses a normal costing system in which factory overhead is applied on the basis of direct labor costs. Budgeted factory overhead for the year was $680,000, and management budgeted $320,000 of direct labor costs. During the year, the company incurred the following actual costs Direct materials used Direct labor Factory overhead $382,000 313,000 650,700 The January 1 balances of inventory accounts are shown below Materials -all direct Work-in-process Finished...
Maple Mount Fishery is a canning company in Astoria. The company uses a normal costing system in which factory overhead is applied on the basis of direct labor costs. Budgeted factory overhead for the year was $680,000, and management budgeted $320,000 of direct labor costs. During the year, the company incurred the following actual costs. Direct materials used Direct labor Factory overhead $382,000 313,000 650, 700 The January 1 balances of inventory accounts are shown below. Materials – all direct...
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Maple Mount Fishery is a canning company in Astoria. The company uses a normal costing system in which factory overhead is applied on the basis of direct labor costs. Budgeted factory overhead for the year was $680,000, and management budgeted $354,000 of direct labor costs. During the year, the company incurred the following actual costs. Direct materials used Direct labor Factory overhead $375,000 309,000 655,600 The January 1 balances of inventory accounts are shown below Materials-all direct Work-in-process Finished goods...
Maple Mount Fishery is a canning company in Astoria. The company uses a normal costing system in which factory overhead is applied on the basis of direct labor costs. Budgeted factory overhead for the year was $680,000, and management budgeted $344,000 of direct labor costs. During the year, the company incurred the following actual costs Direct materials used Direct labor Factory overhead $360,000 300,000 654,600 The January 1 balances of inventory accounts are shown below. Materials - all direct Work-in-process...
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Maple Mount Fishery is a canning company in Astoria. The company uses a normal costing system in which factory overhead is applied on the basis of direct labor costs. Budgeted factory overhead for the year was $680,400, and management budgeted $324,000 of direct labor costs. During the year, the company incurred the following actual costs. Direct materials used $384,000 Direct labor 306,000 Factory overhead 658,000 The January 1 balances of inventory accounts are shown below. Materials—all direct $70,000 Work-in-process 41,000...
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