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Selected information from the Iowa Instruments accounting records for April follows: Materials Inventory Debit Credit BB ( 4 / 1 ) 2 8 , 4
Selected information from the Iowa Instruments accounting records for April follows:
Materials Inventory
Debit Credit
BB
WorkinProcess Inventory
Debit Credit
Labor
EB
Finished Goods Inventory
Debit Credit
BB
Cost of Goods Sold
Debit Credit
Manufacturing Overhead Control
Debit Credit
Applied Manufacturing Overhead
Debit Credit
Additional information for April follows:
The labor wage rate was $ per hour.
During the month, sales revenue was $ and selling and administrative costs were $
This company has no indirect materials or supplies.
The company applies manufacturing overhead on the basis of direct laborhours.
Customer returns are discarded and not resold.
Required:
What was the over or underapplied manufacturing overhead for April? it is not
What was the operating profit or loss for April? Any over or underapplied overhead is written off to Cost of Goods Sold. not
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