Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Required information [The following information applies to the questions displayed below] Bunnell Corporation is a manufacturer that uses job-order costing, On January 1 , the

image text in transcribed
image text in transcribed
Required information [The following information applies to the questions displayed below] Bunnell Corporation is a manufacturer that uses job-order costing, On January 1 , the company's inventory balances were as follows: The compary applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company's predetermined overhead rate of $13.50 per direct laborhour was bosed on a cost formula that estimated $540.000 of tolal manufacturing overhead for an estimated activity level of 40.000 direct labor-hours. The following transactions were recorded for the year: a. Raw matenals were purchased on account, $684.000. b. Raw materials used in production, $646,400. All of of the raw materials were used as direct materials. c. The following costs were accrued for employee services: direct iabor, $490,000; indirect labor, $150,000; selling and administrative salaries, $319,000. d. Incurred various seling and administrative expenses (e.g, advertising, sales travel costs, and finished goods warehousingl, $423,000. e. Incurred various manufacturing overhead costs (e.9, depreciation, insurance, and utilities), $390.000. t. Manufacturing overhead cost was applled to production. The company actually worked 41,000 direct labor-hours on all jobs during the year. 9. Jobs costing $1,623.300 to manufacture according to their job cost sheets were completed during the year. h. Jobs were soid on account to customers during the year for a total of $3,547,500. The jobs cost $1,633,300 to manufacture according to their job cost sheets. 8. What is the total amount of actual manufacturing overhead cost incurred during the year

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Advanced Accounting

Authors: Floyd A. Beams, Joseph H. Anthony, Bruce Bettinghaus, Kenneth Smith

11th Edition

978-0132568968, 9780132568968

More Books

Students also viewed these Accounting questions

Question

2. Is unemployment typically short-term or long-term? Explain.

Answered: 1 week ago