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myasm.ca 27% We want your input! Click here to submit your course evaluation ASM Mfg. Co uses job costing process. ASM's inventory balances at the beginning and end of the year were as follows: out of Balance Raw materials Work in process Beginning Balance $14,000 27,000 62,000 Finished goods ASM applies overhead to jobs using a predetermined overhead rate based on machine hours. At the beginning of the year, the company estimated that it would work 33,000 machine hours and incur $231,000 in manufacturing overhead cost. The following transactions were recorded for the year a.) Raw materials purchased: $315,000. b.) Raw materials requisitioned for use in production: $307,000 ($281.000 direct and $26,000 indirect). c.) The following employee costs were incurred: Direct labour: $377.000 Indirect labour: $96,000 Administrative salaries: $172,000 d.) Selling costs: $147.000 e) Factory utility costs: $10,000. f.) Depreciation for the year: $127.000, of which $120,000 is related to factory operations and $7.000 is related to selling and administrative activities g.) Manufacturing overhead was applied to jobs. The actual level of activity for the year was 34,000 machine hours. h.) Sales for the year: $1,253,000 Required: a. Prepare a schedule of cost of goods manufactured in good form b. Was the manufacturing overhead under-or overapplied? By how much? c. Prepare an income statement for the year in good form. The company closes out any under-or overapplied overhead to Cost of Goods Sold B 1 = = & S myasm.ca 27% We want your input! Click here to submit your course evaluation ASM Mfg. Co uses job costing process. ASM's inventory balances at the beginning and end of the year were as follows: out of Balance Raw materials Work in process Beginning Balance $14,000 27,000 62,000 Finished goods ASM applies overhead to jobs using a predetermined overhead rate based on machine hours. At the beginning of the year, the company estimated that it would work 33,000 machine hours and incur $231,000 in manufacturing overhead cost. The following transactions were recorded for the year a.) Raw materials purchased: $315,000. b.) Raw materials requisitioned for use in production: $307,000 ($281.000 direct and $26,000 indirect). c.) The following employee costs were incurred: Direct labour: $377.000 Indirect labour: $96,000 Administrative salaries: $172,000 d.) Selling costs: $147.000 e) Factory utility costs: $10,000. f.) Depreciation for the year: $127.000, of which $120,000 is related to factory operations and $7.000 is related to selling and administrative activities g.) Manufacturing overhead was applied to jobs. The actual level of activity for the year was 34,000 machine hours. h.) Sales for the year: $1,253,000 Required: a. Prepare a schedule of cost of goods manufactured in good form b. Was the manufacturing overhead under-or overapplied? By how much? c. Prepare an income statement for the year in good form. The company closes out any under-or overapplied overhead to Cost of Goods Sold B 1 = = & S