E1-4B An incomplete cost of goods manufactured schedule is presented below. Work in process (1/1) Direct materials RAMOS MANUFACTURING COMPANY Cost of Goods Manufactured Schedule For the Year Ended December 31, 2014 Raw materials inventory (1/1) Add: Raw materials purchases Total raw materials available for use Less: Raw materials inventory (12/31) Direct materials used Direct labor Manufacturing overhead 165,000 ? 17,500 $190,000 2 $207,500 Determine missing amounts in cost of goods manufactured schedule. (LO 6) 2 chapter 1 Managerial Accounting Indirect labor Factory depreciation Factory utilities Total overhead Total manufacturing costs Total cost of work in process $15,000 36,000 68,000 119,000 Less: Work in process (12/31) Cost of goods manufactured Instructions 67,000 $550,000 Complete the cost of goods manufactured schedule for Juan Manufacturing Company. 8:02 PM Fri Apr 8 only unfinished job? uagm.blackboard.com (2) If manufacturing overhead is applied on the basis of direct labor cost, what over- head rate was used in each year? (b) Prepare summary entries at January 31 to record the current year's transactions per- taining to Job No. 99. 2 chapter 2 Job Order Costing Analyze costs of E2-4B Manufacturing cost data for Olsen Company, which uses a job order cost system, manufacturing and are presented below. determine missing amounts. Case A Case B Case C (LO 2.5) Direct materials used $ (a) $ 78,000 $ 72,600 Direct labor 50,000 120,000 (h) Manufacturing overhead applied 37,500 (d) (i) Total manufacturing costs 135,650 (e) 212,600 Work in process 1/1/14 (b) 15,500 25,050 Total cost of work in process 213,300 (f) (i) Work in process 12/31/14 Cost of goods manufactured Instructions (c) 11,800 (k) 193,200 (g) 222,000 Compute the manufacturing overhead rate and under- or overapplied overhead. (LO 4,6) Indicate the missing amount for each letter. Assume that in all cases manufacturing over- head is applied on the basis of direct labor cost and the rate is the same. E2-5B Pronto Kopy Company applies operating overhead to photocopying jobs on the basis of machine hours used. Overhead costs are expected to total $320,000 for the year, and machine usage is estimated at 125,000 hours. For the year, $308,000 of overhead costs are incurred and 130,000 hours are used. Instructions (a) Compute the service overhead rate for the year. (b) What is the amount of under- or overapplied overhead at December 31? (c) Assuming the under- or overapplied overhead for the year is not allocated to inventory 172% 8:02 PM Fri Apr 8 only unfinished job? uagm.blackboard.com (2) If manufacturing overhead is applied on the basis of direct labor cost, what over- head rate was used in each year? (b) Prepare summary entries at January 31 to record the current year's transactions per- taining to Job No. 99. 2 chapter 2 Job Order Costing Analyze costs of E2-4B Manufacturing cost data for Olsen Company, which uses a job order cost system, manufacturing and are presented below. determine missing amounts. Case A Case B Case C (LO 2.5) Direct materials used $ (a) $ 78,000 $ 72,600 Direct labor 50,000 120,000 (h) Manufacturing overhead applied 37,500 (d) (i) Total manufacturing costs 135,650 (e) 212,600 Work in process 1/1/14 (b) 15,500 25,050 Total cost of work in process 213,300 (f) (i) Work in process 12/31/14 Cost of goods manufactured Instructions (c) 11,800 (k) 193,200 (g) 222,000 Compute the manufacturing overhead rate and under- or overapplied overhead. (LO 4,6) Indicate the missing amount for each letter. Assume that in all cases manufacturing over- head is applied on the basis of direct labor cost and the rate is the same. E2-5B Pronto Kopy Company applies operating overhead to photocopying jobs on the basis of machine hours used. Overhead costs are expected to total $320,000 for the year, and machine usage is estimated at 125,000 hours. For the year, $308,000 of overhead costs are incurred and 130,000 hours are used. Instructions (a) Compute the service overhead rate for the year. (b) What is the amount of under- or overapplied overhead at December 31? (c) Assuming the under- or overapplied overhead for the year is not allocated to inventory 172%