uses a job order cost system with manufacturing overhead applied to products on

Question

uses a job order cost system with manufacturing overhead applied to products on the basis of direct labor dollars. At the beginning of the most recent period, the company estimated its total direct labor cost to be $65,000 and its total manufacturing overhead co Several incomplete general ledger accounts show the transactions thaf occurred during the most recent accounting period which is g st to be $91,000 Required: 1. Calculate the predetermined overhead rate Overhead Rate 140 % of Direct labor cost ! 2. Fill in the missing values in the T-accounts Raw Materials Inventory Work in Process Inventory Beginning Balance Purchases Ending Balance 15,000 95,000 0,000 80,000 Beginning Balance Direct Materials Direct Labor Applied Overhead Ending Balance 30,000 70,000 S 50,000 70,000 20,000 200,000 Finished Goods Inventory Cost of Goods Sold Beginning Balance Cost of Goods Completed Ending Balance 40,000 200,000 50,000 190,000 Unadjusted Cost of Goods Sold Adjusted Cost of Goods Sold 190,000 10,000 Sales Revenue Manufacturing Overhead 300,000 Indirect Materials 10,000 0,000 Applied Overhead PA2-1,3,8-Google . Connect AcCo

Explanation / Answer

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DOBSON MANUFACTURING COMPANY Cost of Goods Manufactured and Sold Report Beginning raw materials inventory 15000 Plus: Raw material purchases 95000 Less: Indirect material used -10000 Less: Ending raw materials inventory -30000 Direct Materials Used in Production 70000 Direct Labor 50000 Manufacturing Overhead 70000 Total Current Manufacturing Costs 190000 Plus: Beginning Work in Process inventory 30000 Total Work in Process 220000 Less: Ending Work in Process inventory -20000 Cost of Goods Manufactured 200000 Plus: Beginning Finished Goods inventory 40000 Cost of Goods Available for Sale 240000 Less: Ending Finished Goods inventory -50000 Unadjusted Cost of Goods Sold 190000 Adjustment for Overapplied Overhead -12000 Adjusted Cost of Goods Sold 178000

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