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What am I doing wrong? Can someone fill it out again so I know where I messed up? Thanks. Exercise 3-7 Applying Overhead; Cost of
What am I doing wrong? Can someone fill it out again so I know where I messed up? Thanks.
Exercise 3-7 Applying Overhead; Cost of Goods Manufactured [LO3-3, LO3-4] The following cost data relate to the manufacturing activities of Chang Company during the just completed year: Manufacturing overhead costs incurred: Indirect materials Indirect labor Property taxes, factory Utilities, factory Depreciation, factory Insurance, factory Total actual manufacturing overhead costs incurred $16,500 145,000 9,500 85,000 231,700 11,500 $499,200 Other costs incurred: Purchases of raw materials (both direct and indirect) Direct labor cost $415,000 $75,000 Inventories: Raw materials, beginning Raw materials, ending Work in process, beginning Work in process, ending 21,500 $31,500 $41,500 $71,500 The company uses a predetermined overhead rate of $24 per machine-hour to apply overhead cost to jobs. A total of 21,200 machine- hours were used during the year Required: 1. Compute the amount of underapplied or overapplied overhead cost for the year 2. Prepare a schedule of cost of goods manufactured for the yearStep by Step Solution
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