Homework Answers
Predetermined overhead rate = Estimated overheads/ Estimated direct labor hours
= 320,000/8,000
= $40 per direct labor hour
Actual direct labor hours = 7,000
Manufacturing overhead applied = Actual direct labor hours x Predetermined overhead rate
= 40 x 7,000
= $280,000
Direct materials used = $190,000
Direct labor incurred = $245,000
Manufacturing overhead applied= $280,000
cost of goods manufactured = Direct materials used+ Direct labor incurred+ Manufacturing overhead applied
= 190,000+245,000+280,000
= $715,000
First option is correct.
Kindly comment if you need further assistance. Thanks‼!
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