CCT2211 - Intermediate Managerial Accounting 1 (2021/202 Time len 0 38 26 Question 1 Not yet answered K-Co Company uses a job order costing system in its factory. When the 2021 budget was being prepared K-Co estimated that they would require 80,000 machine hours (MH's) which it will use as their overhead allocation base. Total estimated manufacturing overhead for 2021 is $6,000,000 Marked out of 2.00 P Flag question The May balance sheet showed the following inventory balances: Work in Process (Job 998) $3,600 Finished Goods (Job 997) $28,000 The GL showed that during June K-Co purchased $48,000 of raw materials and sold jobs 997 and 998. During the month of June actual costs incurred were: DM used DL used Actual MOH Job 998 14,000 22,000 7,500 Job 999 18,000 25,000 10,000 Total 43,500 53,000 MH used 90 200 During June jobs 998 and 999 were completed. a) Calculate the predetermined overhead rate (POR): (2 marks) K-Co Company uses a job order costing system in its factory. When the 2021 budget was being prepared K-Co estimated that they would require 80,000 machine hours (MH's) which it will use as their overhead allocation base. Total estimated manufacturing overhead for 2021 is $6,000,000. The May balance sheet showed the following inventory balances: Work in Process (Job 998) $3,600 Finished Goods (Job 997) $28,000 The GL showed that during June K-Co purchased $48,000 of raw materials and sold jobs 997 and 998. During the month of June actual costs incurred were: DM used DL used Actual MOH Job 998 14,000 22,000 7,500 Job 999 18,000 25,000 10,000 Total 43,500 53,000 MH used 90 200 During June jobs 998 and 999 were completed. b) Prepare the journal entries to record job 998 for June (4 marks) Time left 0:37:39 K-Co Company uses a job order costing system in its factory. When the 2021 budget was being prepared K-Co estimated that they would require 80,000 machine hours (MH's) which it will use as their overhead allocation base. Total estimated manufacturing overhead for 2021 is $6,000,000. The May balance sheet showed the following inventory balances: Work in Process (Job 998) $3,600 Finished Goods (Job 997) $28,000 The GL showed that during June K-Co purchased $48,000 of raw materials and sold jobs 997 and 998. During the month of June actual costs incurred were: DM used DL used Actual MOH Job 998 14,000 22,000 7,500 Job 999 18,000 25,000 10,000 Total 43,500 53,000 MH used 90 200 During June jobs 998 and 999 were completed. c) Calculate the total overapplied or underapplied overhead for all jobs for the month of June. (4 marks)