Question
Tomek Company uses a job costing system that applies factory overhead on the basis of direct labor hours. The company's factory overhead budget for the
Tomek Company uses a job costing system that applies factory overhead on the basis of direct labor hours. The company's factory overhead budget for the current year included the following estimates:
Budgeted total factory overhead $568,000
Budgeted total direct labor hours 71,000
At the end of the year, the company shows these results:
Actual factory overhead $582,250
Actual direct labor hours 71,500
Compute the firm's predetermined factory overhead rate for the current year?
Calculate the amount of overapplied or underapplied overhead Over applied (O) , Underapplied (U)?
repare a journal entry to transfer the underapplied or overapplied overhead to the Cost of Goods Sold account.
a. Dr. Cost Of Goods Sold 5,250
Cr. Applied Overhead
b. Dr. WIP $5,250
Cr. Cost Of Goods Sold $5,250
c. Dr. Overhead $10,750
Cr. Cost of Goods Sold $ 10,750
d. Dr. Cost of Goods Sold $10,250
Cr. Overhead $10,250
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2.
Cost per equivalent unit is $2 for materials and $3 for conversion. There are no transferred-in costs and no spoilage. What is the cost of goods completed if 10,000 units are completed and 1,000 are in ending inventory?
Please enter the number only - no text
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3.
Abnormal spoilage is 100 units and normal spoilage is 400 units. Beginning work-in-process inventory consisted of 5,000 units; 20,000 units were started; and 22,000 units were completed this period. How many units are in ending work-in-process?
Please enter the number only - no text
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