Homework Answers
Answer -
| 1-a) | predetermined overhead rate = estimated overhead/estimated direct labor cost | |||||||
| 1,500,000/(50*2500*20) | ||||||||
| 0.6 | ||||||||
| 60% | ||||||||
| 1-b) | total overhead cost applied to each jobs | |||||||
| job no | Direct | overhead | ||||||
| labor | applied | |||||||
| 201 | 618,000 | 370800 | ||||||
| 202 | 577,000 | 346200 | ||||||
| 203 | 312,000 | 187200 | ||||||
| 204 | 730,000 | 438000 | ||||||
| 205 | 328,000 | 196800 | ||||||
| 206 | 31,000 | 18600 | ||||||
| total | 2,596,000 | 1,557,600 | ||||||
| 1-c) | Factory overhead | |||||||
| Actual overhead cost | 1,600,000 | 1557600 | Applied overhead cost | |||||
| underapplied overhead | 42,400 | |||||||
| 2) | Date | General Journal | Debit | Credit | ||||
| 31-Dec | Cost of goods sold | $42,400 | ||||||
| Factory overhead | $42,400 | |||||||
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