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The following information is for Angus Company for May: a. Factory overhead costs were applied to jobs at the predetermined rate of $49.00 per labor
The following information is for Angus Company for May: a. Factory overhead costs were applied to jobs at the predetermined rate of $49.00 per labor hour. Job Sincurred 6,240 labor hours: Job T used 4,340 labor hours. b. Job S was shipped to customers during May. c. Job T was still in process at the end of May. d. The overapplied or underapplied overhead to the Cost of Goods Sold account was closed at the end of May, e. Factory utilities, factory depreciation, and factory insurance incurred are summarized as follows: Utilities Depreciation Insurance Total $ 16, 200 48,250 19,300 $83,750 1. Direct materials and indirect materials used are as follows: Material 1 Material 2 Subtotal Indirect materials Total Jobs $ 31,750 13,950 $ 45,700 Job T $ 74,500 36,95 $ 111,450 Total $ 106,250 50.980 $157,150 214,250 $ 371,400 g. Direct labor incurred for the two jobs and indirect labor are as follows: Jobs Job T Indirect labor Total $ 62,000 51,500 146,000 $259,500 Required: 1. Calculate the total manufacturing cost for Job S and Job T for May (Round your intermediate calculations and final answers to 2 decimal places.) 2. 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. 1. Total manufacturing costs - Jobs Total manufacturing costs - Job T
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