Question

Check my work Haughton Company uses a job costing system for its production costs and a predetermined factory overhead rate based on direct labor costs to apply factory overhead to all jobs. During the month of July, the firm processed three jobs: X13, X14, and X15, of which X13 was started in June. July 1 July 31 $ 37,600 43,200 0 $ ? 66,000 ? ? 0 17,700 33,020 14,550 Inventories Direct Materials Work-in-Process Finished Goods Cost of Goods Sold Direct materials purchased in July Materials issued to production: X13 X14 X15 Factory labor hours used ($30/hour): X13 X14 X15 Indirect labor Other factory overhead costs incurred: Rent Utilities Repairs and maintenance Depreciation Other nces 4,050 3,350 2,150 7,450 $137,000 644,250 194,000 136,600 61,500 As of July 31, Job X13 was sold and Jobs X14 and X15 were still in process. Total factory overhead applied in July was $1,403,850. Required: 1. Compute the predetermined factory overhead rate. 2. Compute the amount of the Direct Materials account at the end of July. 3. Compute the actual factory overhead cost incurred during the month of July. 4. Compute the ending balance of the Work-in-Process Inventory account for July. 5. Prepare the Statement of Cost of Goods Manufactured for July 6. Compute the amount of overapplied or underapplied overhead. 1- VALE --- Prev 1 of 1 Next HER

Answer 1

3) Indirect labour = 74.50 to $30 $223500 $137000 $644250 $ 194000 Rent Wility Repairs and maintenance Depreciation other Actual overhead (factory I cost for July $ 136 600 $ 61500 $ 13,96,850 Job IS Total Jobx14 $33020 4) Direct Matuial Direet labour $100500 $14550 $64500 316050 Applied many auturing ovechead 492450 Ending Balance WIP $625970 $395100 1021070

As per HomeworkLib policy since it is not mentioned how many sub pants have to attempted I am solving first your subpark 1) predetermined faitory overhead = Budget ci manufacturing overhead Budgeted diwet labour cose $1403850 (4050 +3350+ 2150)+$30 rate N $1403850 x100=490% $286500 of dirut labour cost $ 37600 66000 2) Beginning Materials Inventory Add Total materials purchased in July een: Materials used us July Ending Matwials In ventory $ C6 5270) 638330