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    "url": "\/study-help\/questions\/gitano-products-operates-a-joborder-costing-system-and-applies-overhead-4444784",
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    "question_creation_date": "Jun 29, 2024 02:03 AM",
    "meta_title": "[Solved] Gitano Products operates a job-order cost | SolutionInn",
    "meta_description": "Answer of - Gitano Products operates a job-order costing system and applies overhead cost to jobs on the basis of direct materials | SolutionInn",
    "meta_keywords": "gitano,products,operates,job-order,costing,system,applies,overhead,cost,jobs,basis,direct",
    "question_title_h1": "Gitano Products operates a job-order costing system and applies overhead cost to jobs on the basis of direct materials used in production ( not on",
    "question_title": "Gitano Products operates a job-order costing system and applies overhead cost to",
    "question_title_for_js_snippet": "Gitano Products operates a job order costing system and applies overhead cost to jobs on the basis of direct materials used in production ( not on the basis of raw materials purchased)  Its predetermined overhead rate was based on a cost formula that estimated $126,000 of manufacturing overhead for an estimated allocation base of $84,000 direct material dollars to be used in production  The company has provided the following data for the just completed year  Purchase of raw materials$139,000Direct labor cost$80,000Manufacturing overhead costs Indirect labor$146,500Property taxes$8,900Depreciation of equipment$16,000Maintenance$15,000Insurance$9,200Rent, building$30,000 BeginningEnding Raw Materials$26,000$17,000Work in Process$45,000$39,000Finished Goods$74,000$60,000 Required  1  Compute the predetermined overhead rate for the year  2  Compute the amount of underapplied or overapplied overhead for the year  3  make a schedule of cost of goods manufactured for the year  Assume all raw materials are used in production as direct materials  4  Compute the unadjusted cost of goods sold for the year  Do not include any underapplied or overapplied overhead in your answer  5  Assume that the $39,000 ending balance in Work in Process includes $8,100 of direct materials  Given this assumption, supply the information missing below ",
    "question_description": "<p>Gitano Products operates a job-order costing system and applies overhead cost to jobs on the basis of direct materials<em>used in production<\/em>(<em>not<\/em>on the basis of raw materials purchased). Its predetermined overhead rate was based on a cost formula that estimated $126,000 of manufacturing overhead for an estimated allocation base of $84,000 direct material dollars to be used in production. The company has provided the following data for the just completed year:<\/p> <p><\/p> <p>Purchase of raw materials$139,000Direct labor cost$80,000Manufacturing overhead costs:Indirect labor$146,500Property taxes$8,900Depreciation of equipment$16,000Maintenance$15,000Insurance$9,200Rent, building$30,000<\/p> <p><\/p> <p>BeginningEnding Raw Materials$26,000$17,000Work in Process$45,000$39,000Finished Goods$74,000$60,000<\/p> <p><\/p> <p><strong>Required:<\/strong><\/p> <p>1. Compute the predetermined overhead rate for the year.<\/p> <p>2. Compute the amount of underapplied or overapplied overhead for the year.<\/p> <p>3. make a schedule of cost of goods manufactured for the year. Assume all raw materials are used in production as direct materials.<\/p> <p>4. Compute the unadjusted cost of goods sold for the year. Do not include any underapplied or overapplied overhead in your answer.<\/p> <p>5. Assume that the $39,000 ending balance in Work in Process includes $8,100 of direct materials. Given this assumption, supply the information missing below:<\/p>",
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    "related_book": {
        "title": "Principles Of Finance",
        "isbn": "979-8439388899",
        "edition": "1st Edition",
        "authors": "Julie Dahlquist, Rainford Knight",
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        "isbn": "1950377156",
        "uri": "\/textbooks\/strategic-management-theory-and-practice-6th-edition-9781950377152-9781950377169",
        "name": "Strategic Management Theory And Practice",
        "edition": "6th\u00a0Edition"
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    "question_posted": "2024-06-29 02:03:17",
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