Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Granite Company uses a job order cost system. Manufacturing overhead and direct labor hours were estimated at $80,000 and 16,000 hours, respectively, for 20X2, In
Granite Company uses a job order cost system. Manufacturing overhead and direct labor hours were estimated at $80,000 and 16,000 hours, respectively, for 20X2, In June, 20X2, Job #315 was completed. Materials costs on the job totaled $1,500 and labor costs totaled $2,400 at $6 per hour. At the end of 20X2, it was determined that the company worked 15,000 direct labor hours for the year, and incurred $78,000 in actual manufacturing overbead costs. Overhead is charged to production on a basis of direct labor hours. Compute (show all computations): 1. The predetermined overhead rate for 20x2. 2. The amount of overhead charged to production for 20X2. 3. The amount of under and overapplied overhead for 20X2. 4. The cost per unit for Job #315, assuming that 100 units were completed
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started