A IMG une direct labo hours to apply manufactured the way to make the winnin 2020, manufacturing overhead was estimated to be $100,000 and ducts we estimate 10,000 manufacturing head for the year was $100.00. Actualdives La 11.000 4 5 Chapter formulas 1 Predetermined overhead rate - Istimated total manufacturing whead costs/imated total units in the location 2. Overhead applied to a particular job Predetermined overhead rate x Amount of allocation has cred loyal Required: Part 1: Calculate the predetermined overhead rate for 2020. (3 marks) 2 9 10 1 Predetermined overhead rate 1 Part 2: Job Z is one of the jobs that was worked on during 2020. The details from the job cost sheet are shown below JOB COST SHEET Job Z Direct materials Direct labour Manufacturing overhead $2.900 $3,600 $2 a. Compute the amount of overhead applied to Job Z (3 marks) 20 2.1 22 23 a. Compute the amount of overhead applied to lob Z. (3 marks) 25 26 27 28 Manufacturing overhead applied b. Compute the total cost of Job Z (1 mark) 9 29 30 31 32 33 34 Total cost of Job Z c. Assume that Job Z was completed but not yet sold by the end of May. Prepare the necessary journal entry. (1 mark) 35 36 7 B Debit Credit Part 3: Prepare the journal entry to record the manualidad for you. Manufacturing overhead applied 47 40 49 50 51 Debit Credit 52 53 54 Part 4: Assume that the applied manufacturing overhead for the year, distributed to the following accounts in the amounts indicated: SS Overhead 56 Applied 57 Work in process inventory, end of the year $15,000 58 Finished goods inventory, end of the year $25,000 59 Cost of goods sold 2 1 a. Prepare the journal entry to close over or under-applied overhead assuming the company does not allocate over or under-applied overhead. (4 marks) PARISITY. On of the Cost of goods sold $25.00 2. Prepare the journal entry to close Over or under applied wehead assuming the company does not applied overhead. (4 marks) Debit Credit e. Assume the company follows IAS 2. Would the journal entry in part a change? (1 mark) Why or why not? Explain (2 marks) A IMG une direct labo hours to apply manufactured the way to make the winnin 2020, manufacturing overhead was estimated to be $100,000 and ducts we estimate 10,000 manufacturing head for the year was $100.00. Actualdives La 11.000 4 5 Chapter formulas 1 Predetermined overhead rate - Istimated total manufacturing whead costs/imated total units in the location 2. Overhead applied to a particular job Predetermined overhead rate x Amount of allocation has cred loyal Required: Part 1: Calculate the predetermined overhead rate for 2020. (3 marks) 2 9 10 1 Predetermined overhead rate 1 Part 2: Job Z is one of the jobs that was worked on during 2020. The details from the job cost sheet are shown below JOB COST SHEET Job Z Direct materials Direct labour Manufacturing overhead $2.900 $3,600 $2 a. Compute the amount of overhead applied to Job Z (3 marks) 20 2.1 22 23 a. Compute the amount of overhead applied to lob Z. (3 marks) 25 26 27 28 Manufacturing overhead applied b. Compute the total cost of Job Z (1 mark) 9 29 30 31 32 33 34 Total cost of Job Z c. Assume that Job Z was completed but not yet sold by the end of May. Prepare the necessary journal entry. (1 mark) 35 36 7 B Debit Credit Part 3: Prepare the journal entry to record the manualidad for you. Manufacturing overhead applied 47 40 49 50 51 Debit Credit 52 53 54 Part 4: Assume that the applied manufacturing overhead for the year, distributed to the following accounts in the amounts indicated: SS Overhead 56 Applied 57 Work in process inventory, end of the year $15,000 58 Finished goods inventory, end of the year $25,000 59 Cost of goods sold 2 1 a. Prepare the journal entry to close over or under-applied overhead assuming the company does not allocate over or under-applied overhead. (4 marks) PARISITY. On of the Cost of goods sold $25.00 2. Prepare the journal entry to close Over or under applied wehead assuming the company does not applied overhead. (4 marks) Debit Credit e. Assume the company follows IAS 2. Would the journal entry in part a change? (1 mark) Why or why not? Explain (2 marks)
