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The following information applies to the O Donnell Company for March production . There are only two jobs ( X and Y ) in production
The following information applies to the ODonnell Company for March production There are only two jobs X and Y in production in March.
Purchased direct materials and indirect materials with the following summary of receiving reports:
Material A $
Material B
Indirect materials
Total $
Issued direct materials and indirect materials with this summary of requisitions:
Job X Job Y Total
Material A $ $ $
Material B
Subtotal $ $ $
Indirect materials
Total $
Factory labor incurred is summarized by these time tickets:
Job X $
Job Y
Indirect labor
Total $
Factory utilities, factory depreciation, and factory insurance incurred is summarized as follows:
Utilities $
Depreciation
Insurance
Total $
Factory overhead costs were applied to jobs at the predetermined rate of $ per machine hour. Job X incurred machine hours; Job Y used machine hours.
Job X was completed; Job Y was still in process at the end of March.
The company closed the overapplied or underapplied overhead to the Cost of Goods Sold account at the end of March.
Required:
Calculate the total manufacturing cost for Job X and Job Y for March.
Calculate the amount of overapplied or underapplied overhead and state whether the Cost of Goods Sold account will be increased or decreased by the adjustment.
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