Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

SweetTooth Corporation manufactures and sells Sweet candies which began operations on May 1, 2022, reported the following information. Estimated manufacturing overhead $726,000 Actual manufacturing overhead

SweetTooth Corporation manufactures and sells Sweet candies which began operations on May 1, 2022, reported the following information.

Estimated manufacturing overhead $726,000 Actual manufacturing overhead $719,000 Estimated direct labor cost $420,000 Actual direct labor cost $500,000 SweetTooth uses a normal cost system and applies manufacturing overhead to jobs on the basis of direct labor hours. Hourly pay is $20 per hour. On April 30 2023, job #859 was the only job that remained in production. That job had direct material and direct labor charges of $33,900 and $42,000, respectively.

Do not enter dollar signs or commas in the input boxes. Round all answers to 2 decimal places.

a) Determine the company's predetermined overhead rate.

Predetermined Overhead Rate =: $Answer per direct labor hour b) Determine the amount of under- or overallocated overhead.

Actual Manufacturing Overhead: $Answer

Allocated Overhead: $Answer

Answer : $Answer

c) Calculate the balance the company would report as ending WIP inventory.

Direct Materials Used: $Answer

Direct labor: $Answer

Allocated Overhead: $Answer

Total cost: $Answer

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

More Books

Students also viewed these Accounting questions

Question

what are the main functional groups in each graph please label!

Answered: 1 week ago

Question

Have I incorporated my research into my outline effectively?

Answered: 1 week ago