Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A company uses a predetermined manufacturing overhead rate of 132% based on direct labor dollars. During the year, $659,734 factory labor was incurred of which

image text in transcribedimage text in transcribed

A company uses a predetermined manufacturing overhead rate of 132% based on direct labor dollars. During the year, $659,734 factory labor was incurred of which $190,108 was indirect labor. How much manufacturing overhead was applied? (Round your answer to the nearest whole dollar and do not use dollar signs in your answer.) Question 2 2 pts The following information is available for completed Job #2002: Direct Materials $1,299;Direct Labor $2,491; Manufacturing Overhead Applied $6,001; Units Produced were 645 units; and Units Sold were 238 units. If this accounts for our only goods manufactured and sold; and beginning Finished Goods Inventory was zero, what amount is in is ending Finished Goods Inventory? (Do not put a dollar sign or commas in your answer.) Round your answer to the nearest dollar but do not include a dollar sign in your answer. The Manufacturing Overhead Account has a beginning balance of $102. During the year, actual manufacturing costs incurred were $183 while applied manufacturing costs were $220. State the ending balance of the Manufacturing Overhead account and state whether overhead is overapplied or underapplied. (IMPORTANT: If your answer is that overhead is $20 overappied, state the answer as-20. If your answer that overhead is $20 underapplied, then state your answer as 20. If this is not followed, you will not receive a point for your answer.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Sound Investing, Chapter 24 - The Auditors??? Opinion

Authors: Kate Mooney

2nd Edition

0071719466, 9780071719469

More Books

Students also viewed these Accounting questions