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I need help with E2-4B, E2-5B all the data is in the exercise 2 chapter 2 Job Order Costing Analyze costs OT manufacturing and delermine
I need help with E2-4B, E2-5B all the data is in the exercise
2 chapter 2 Job Order Costing Analyze costs OT manufacturing and delermine missing amounts. (LD 25) Compute the manufacturing overhead rate and under- or overapplied overhead. E2-4B Manufacturing cost data for Olsen Company, which uses a job order cost system, are presented below. Direct materials used Direct labor Manufacturing overhead applied Total manufacturing costs Work in process 1/1/14 Total cost of work in process Work in process 12/31/14 Cost of goods manufactured Instructions Case A (a) 50,000 37,500 135,650 (b) 213,300 (c) 193,200 Case B $ 78,000 120,000 (d) (e) 15,500 (f) 11 ,800 (g) Case C $ 72,600 (h) 212,600 25,050 (j) (k) 222,000 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 accounts, prepare the adjusting entry to assign the amount to cost of jobs finished.
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