cises Help Save& The following cost data relate to the manufacturing activities

Question

cises Help Save& The following cost data relate to the manufacturing activities of Chang Company during the just completed year Manufacturing overhead costs incurred Indirect naterials Indirect labor Property taxes, factory Otilities, factory Depzeciation, factory Insurance, factory Total actual manufacturing overhead coats incurred s 16,000 140,000 9,000 80,000 251, 500 11,000 $507.500 Other eosts incurredi $410,000 70,000 Purchases of rav materials (both direct and indirect) Direct labor eost Inventoriess Rav materials, beginning 21,000 Raw materials, ending 31,000 Mork in process, beginning 41,000 Work in process,ending 71,000 The company uses a predetermined overhead rate of $25 per machine-hour to apply machine-hours were used during the year $25 per machine-hour to apply overhead cost to jobs. A total of 20,700 Required: 1. Compute 2. Prepare a schedule of cost of goods manufactured for the year the amount of underapplied or overapplied overhead cost for the year Complete this question by entering your answers in the tabs below the amount of underapplied or overapplied overhead cost for the year C Prev sofs lE Next MacBook Ai 20

Explanation / Answer

Predetermined overhead rate 25 Machine hours 20700 Manufacturing Overheads applied 517500 Actual manufacturing overheads 507500 Overapplied 10000 Schedule for manufacturing cost beginning raw material 21000 Add Purchase of raw material 410000 Total 431000 Less Ending Raw material 31000 Raw material used in production 400000 Direct labor 70000 manufacturing cost applied 517500 Total manufacturing cost 987500 Add Beginning work in progress 41000 1028500 less Ending work in progress 71000 Cost of goods manufactured 957500

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