Question
Teletron Inc operates a job order costing system. Teletron applies Estimated Manufacturing Overhead to jobs at a Pre-Determined Overhead Rate (POHR) of $20 per
Teletron Inc operates a job order costing system. Teletron applies Estimated Manufacturing Overhead to jobs at a Pre-Determined Overhead Rate (POHR) of $20 per Dire Labor Hours (DLH's) incurred. In the current year Teletron incurred 42,500 actual Direct Labor Hours (DLH's). As a result they applied $850,000 of Estimated Manufacturing Overhead Costs to their Manufacturing Overhead Account in the current year. Teletron provides you with the following selected inventory account information for the current year: Manufacturing Overhead BOY Balance Actual CY Manufacturing Overhead Costs Estimated Manufacturing Overhead Costs Applied to WIP Underapplied Estimated Manufacturing Overhead Adjustment amount to zero out account $0 $853,000 ($850,000) ($3,000) Finished Goods Beginning Inventory $290,000 Cost of Goods Manufactured $800,000 $300,000 Ending Inventory Based on the information provided above, provide Teletron's SCHEDULE OF COST OF GOODS SOLD. Properly label all items and amounts to receive full credit.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started