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18. (6 points) The following amounts were reported by Burke Company before adjusting its immaterial overapplied manufacturing overhead of $8,000. Raw Materials Inventory $ 40,000
18. (6 points) The following amounts were reported by Burke Company before adjusting its immaterial overapplied manufacturing overhead of $8,000. Raw Materials Inventory $ 40,000 Finished Goods Inventory 60,000 Work in Process Inventory 100,000 Cost of Goods Sold 770,000 Instructions Compute what amount Burke will report as cost of goods sold after it disposes of its overapplied overhead. 19. (12 points) Edwards Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are expected to total $1,600,000 for the year, and machine usage is estimated at 200,000 hours. In January, $166,000 of overhead costs are incurred and 22,000 machine hours are used. For the remainder of the year, $1,730,000 of additional overhead costs are incurred and 214,000 additional machine hours are worked. Instructions (a) Compute the manufacturing overhead rate for the year. (b) What is the amount of over- or underapplied overhead at January 31? (c) What is the amount of over- or underapplied overhead at December 31
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