1 . Taub Company manufactures backpack blowers. The firm had the following inventories. Jan 1 , 2...
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Question:
Taub Company manufactures backpack blowers. The firm had the following inventories.
Jan Dec
Finished goods $ $
Work in process $ $
Materials $ $
The following additional data pertains to operations.
Material purchased $ Property Taxes Factory $
Direct labor $ UtilitiesFactory $
DepreciationFactory Equip $ InsuranceFactory $
Factory Supervisor Salaries $ Selling and Admin Expense $
Taub Company applies manufacturing overhead at the rate of percent of direct
labor cost.
Required:
Compute the following amounts for the year of show work
a Create a Statement of Cost of Goods Manufactured in good form.
b Compute Cost of Goods Sold for
c Was overhead under or over applied and by how much?
d Show the journal entry for c assuming the estimate is considered to be
reasonably accurate.
e Why does overhead need to be applied? Explain.
f If Taub estimated overhead for the year to be $ what amount was the
original estimate for direct labor cost?
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