1) Predetermined overhead rate ($202,240/63,200 hours) | $3.20 | per machine hour |
2) Total manufacturing overheads applied (5,200 hours * $3.20) | $16,640 | |
3) Ending work in process inventory (see note) | $13,440 | |
4) Gross Profit (notes 1) | $19,760 | |
5-a) Balance in Manufacturing overheads ($15,240 - $16,640) | $1,400 | |
5-b) It is Overapplied manufacturing overheads (see explanation) | ||
When applied manufacturing overheads of $16,640 is more than the actual manufacturing overheads of $15,240, it is said to be manufacturing overheads are overapplied by $1,400 ($16,640 - $15,240). | ||
Notes: | ||
Job 103: | ||
Direct materials used | $4,500 | |
Direct labor | $5,100 | |
Manufacturing overheads applied (1,200 hours * $3.20) | $3,840 | |
Ending work in process inventory | $13,440 | |
Notes 1: | ||
Sales | $51,300 | |
Less: Cost of goods sold ($10,800 + $16,900 + [1,200*$3.20}) | ($31,540) | |
Gross Profit before adjusting the under or over applied manufacturing overheads | $19,760 |
Tyler Tooling Company uses a job order cost system with overhead applied to products on the...
Tyler Tooling Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the upcoming year, the company estimated its total manufacturing overhead cost at $214,540 and total machine hours at 63,100. During the first month of operations, the company worked on three jobs and recorded the following actual direct materials cost, direct labor cost, and machine hours for each job: Direct materials used Direct labor Machine hours Job 101 Job 102...
Tyler Tooling Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the upcoming year, the company estimated its total manufacturing overhead cost at $251600 and total machine hours at 62.900. During the first month of operations, the company worked on three jobs and recorded the following actual direct materials cost. direct labor cost, and machine hours for each job: Direct materials used Direct labor Machine hours Job 181 Job 102...
Tyler Tooling Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the upcoming year, the company estimated Its total manufacturing overhead cost at $204.930 and total machine hours at 62,100. During the first month of operations, the company worked on three jobs and recorded the following actual direct materials cost, direct labor cost, and machine hours for each job: Direct materials used Direct labor Machine hours Job 101 Job 102...
Tyler Tooling Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the upcoming year, the company estimated its total manufacturing overhead cost at $250,400 and total machine hours at 62,600. During the first month of operations, the company worked on three jobs and recorded the following actual direct materials cost, direct labor cost, and machine hours for each job: Job 101 Job 102 Job 103 Total Direct materials used $11,800...
Tyler Tooling Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the upcoming year, the company estimated its total manufacturing overhead cost at $222,840 and total machine hours at 61,900. During the first month of operations, the company worked on three jobs and recorded the following actual direct materials cost, direct labor cost, and machine hours for each job: Direct materials used Direct labor Machine hours Job 101 Job 102...
Tyler Tooling Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the upcoming year, the company estimated its total manufacturing overhead cost at $233,100 and total machine hours at 63,000. During the first month of operations, the company worked on three jobs and recorded the following actual direct materials cost, direct labor cost, and machine hours for each job: Direct materials used Direct labor Machine hours Job 101 Job 102...
Tyler Tooling Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the upcoming year, the company estimated its total manufacturing overhead cost at $217,700 and total machine hours at 62,200. During the first month of operations, the company worked on three jobs and recorded the following actual direct materials cost, direct labor cost, and machine hours for each job Job 101 Job 102 Job 103 $ 5,600 $ 4,700 Total...
Tyler Tooling Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the upcoming year, the company estimated its total manufacturing overhead cost at $228,660 and total machine hours at 61,800. During the first month of operations, the company worked on three jobs and recorded the following actual direct materials cost, direct labor cost, and machine hours for each job: Job 101 Job 102 Job 103 Total Direct materials used $...
Tyler Tooling Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the upcoming year, the company estimated its total manufacturing overhead cost at $205,920 and total machine hours at 62,400. During the first month of operations, the company worked on three jobs and recorded the following actual direct materials cost, direct labor cost, and machine hours for each job: Job 101 Job 102 Job 103 Total Direct materials used $...
Tyler Tooling Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the upcoming year, the company estimated its total manufacturing overhead cost at $249,600 and total machine hours at 62,400. During the first month of operations, the company worked on three jobs and recorded the following actual direct materials cost, direct labor cost, and machine hours for each jot Job 101 Job 102 S 8,400 S 5,000 Job 103 S...