Dobson Manufacturing any uses a job order cost system with manufacturing overhead applied to products on the basis of direct labor dollars. At the beginning of the most recent period, the company estimated its total direct labor cost to be $52,700 and its total manufacturing overhead cost to be $94,860, Several incomplete general ledger accounts show the transactions that occurred during the most recent accounting period which given in second requirement Required: 1. Calculate the predetermined overhead rate. 2. Fill in the missing values in the T-accounts. 3. Compute over- or underapplied overhead. 4. Prepare a statement of cost of goods manufactured and sold including the adjustment for over- or underapplied overhead. 5. Prepare a brief income statement for the company. Fill in the missing values in the T-accounts. Raw Materials Inventory Beginning Balance 14100 Purchases 94.500 Ending Balance 28.400 Work in Process Inventory 28,000 193.00 80,200 Beginning Balance Direct Materials 68,700 Direct Labor $ 41,000 Applied Overhead Ending Balance 73,600 18.500 Beginning Balance Cost of Goods Completed Ending Balance Finished Goods inventory 41,300 100,000 103,800 48.500 Unadjusted Cost of Goods Sold Adjusted Cost of Goods Sold Cost of Goods Sold 110.000 100.000 Sales Revenue 301.000 Indirect Materials Indirect Labor Factory Depreciation Factory Rent Factory US Our Factory Coats Actual Overhead Manufacturing Overhead 11,500 73,800 Applied Overhead 13.800 11,500 5.900 2.500 300 54500 Dobson Manufacturing any uses a job order cost system with manufacturing overhead applied to products on the basis of direct labor dollars. At the beginning of the most recent period, the company estimated its total direct labor cost to be $52,700 and its total manufacturing overhead cost to be $94,860, Several incomplete general ledger accounts show the transactions that occurred during the most recent accounting period which given in second requirement Required: 1. Calculate the predetermined overhead rate. 2. Fill in the missing values in the T-accounts. 3. Compute over- or underapplied overhead. 4. Prepare a statement of cost of goods manufactured and sold including the adjustment for over- or underapplied overhead. 5. Prepare a brief income statement for the company. Fill in the missing values in the T-accounts. Raw Materials Inventory Beginning Balance 14100 Purchases 94.500 Ending Balance 28.400 Work in Process Inventory 28,000 193.00 80,200 Beginning Balance Direct Materials 68,700 Direct Labor $ 41,000 Applied Overhead Ending Balance 73,600 18.500 Beginning Balance Cost of Goods Completed Ending Balance Finished Goods inventory 41,300 100,000 103,800 48.500 Unadjusted Cost of Goods Sold Adjusted Cost of Goods Sold Cost of Goods Sold 110.000 100.000 Sales Revenue 301.000 Indirect Materials Indirect Labor Factory Depreciation Factory Rent Factory US Our Factory Coats Actual Overhead Manufacturing Overhead 11,500 73,800 Applied Overhead 13.800 11,500 5.900 2.500 300 54500
