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Bakerston Company is a manufacturing firm that uses job-order costing. The company's inventory balances were as follows at the beginning and end of the year. Beginning Balance Ending Balance Raw materials $14,000 $22.000 Work in process $27,000 $9,000 Finished goods $62,000 $77,000 The company applies overhead to jobs using a predetermined overhead rate based on machine-hours. A 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. Raw materials were purchased, $315,000. Raw materials were requisitioned for use in production, $307,000 (5281,000 direct and $26,000 indirect), The following employee costs were incurred: direct labor, 5377,000 indirect labor. $96,000: and administrative salaries. $172,000. Selling costs, $147,000 - Factory utility costs, $10,000 Depreciation for the year was $127,000 of which $120,000 is related to factory operations and $7,000 is related to selling general, and administrative activities. Manufacturing overhead was applied to jobs. The actual level of activity for the year was 34,000 machine-hours. Sales for the year totaled $1,253,000 Overhead underapplied or overapplied: Over/Under Applied = Applied Manufacturing Overhead - Actual Manufacturing Overhead $238,000 - $252,000 - $14,000 Underapplied Manufacturing Overhead Applied = POHR** * Actual Cost Driver $7 x 34,000 = $238,000 **POHR = Est MOH / Est Cost Driver -> $231,000/33,000 Machine Hours = $7 Per Machine Hour Journal Entry to correct Underapplied: (s) 000322 COGS: 14,000 Manufacturing Overhead 14,000 Parker Company uses a job-order costing system and applies manufacturing overhead to jobs using a predetermined overhead rate based on direct labor-hours. Last year manufacturing overhead and direct labor-hours were estimated at $50,000 and 20.000 hours, respectively, for the year. In June, Job #461 was completed. Materials costs on the job totaled $4,000 and labor costs totaled $1,500 at $5 per hour. At the end of the year, it was determined that the company worked 24,000 direct labor-hours for the year and incurred $54.000 in actual manufacturing overhead costs. Required: a. Job #461 contained 100 units. Determine the unit product cost that would appear on the job cost sheet b. Determine the underapplied or overapplied overhead for the year. a $4,000 1,500 Direct materials Direct labor Manufacturing overhead (300 DLHs * $2.50 per DLH) Total product cost Unit product cost (56,250 - 100 units) 750 56 250 $62.50 Actual direct labor-hours = $1,500 $5.00 per DLH = 300 DLHS **Predetermined overhead rate = $50,000 20,000 DLHS - $2.50 per DLH b. Applied Overhead - Actual Overhead = (-) underappled or (+) overapplied $60,000 - $54,000 - $6000 Overapplied Applied = POHR Actual Cost Driver $2.5 x 24,000 Direct Labor Hours = $60,000 Actual = $54,000 (Given in the problem)