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Dobson Manufacturing Company uses a job order cost system with manufacturing overhead applied to products on the basis of direct labor dollars. At the beginning
Dobson Manufacturing Company 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 $58,500 and its total manufacturing overhead cost to be $93,600.I need help with parts 3,4,& 5
Dobson Manufacturing Company 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 $58,500 and its total manufacturing overhead cost to be $93,600. Several incomplete general ledger accounts show the transactions that occurred during the most recent accounting period which is 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Fill in the missing values in the T-accounts. Raw Materials Inventory 13,300 Beginning Balance 79,300 Beginning Balance Direct Materials Work in Process Inventory 29,400 185,180 68,100 Purchases 94,300 28,300 Ending Balance Direct Labor $ 40,800 Applied Overhead Ending Balance 65,280 18,400 Finished Goods Inventory 40,900 Cost of Goods Sold 176,280 Beginning Balance 176,280 Unadjusted Cost of Goods Sold Cost of Goods Comnleted 185 180 Adin isted Cost of Goods Sold Dobson Manufacturing Company 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 $58,500 and its total manufacturing overhead cost to be $93,600. Several incomplete general ledger accounts show the transactions that occurred during the most recent accounting period which is 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Fill in the missing values in the T-accounts. Raw Materials Inventory 13,300 Beginning Balance 79,300 Beginning Balance Direct Materials Work in Process Inventory 29,400 185,180 68,100 Purchases 94,300 28,300 Ending Balance Direct Labor $ 40,800 Applied Overhead Ending Balance 65,280 18,400 Finished Goods Inventory 40,900 Cost of Goods Sold 176,280 Beginning Balance 176,280 Unadjusted Cost of Goods Sold Cost of Goods Comnleted 185 180 Adin isted Cost of Goods SoldStep by Step Solution
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