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Alik [6]
3 years ago
13

Markley Manufacturing calculated its predetermined overhead rate to be 120% of direct labor cost. During June, the company incur

red $90,000 of factory labor costs, of which $85,000 is direct labor and $5,000 is indirect labor. Actual overhead incurred was $84,000. Compute the amount of manufacturing overhead applied during the month. Determine the amount of under- or over-applied manufacturing overhead.
Business
1 answer:
Nana76 [90]3 years ago
3 0

Answer:

Applied Manufacturing Overheads are $102,000

Overapplied Manufacturing overheads are $18,000

Explanation:

Under or over applied manufacturing overhead can be determined by comparing the actual and applied manufacturing overheads.

Applied overheads can be calculated by multiplying pre-determined overhead rate and actual level of quantity. Predetermined overhead rate is calculated using estimated overhead and estimated activity on which overheads are applied.

In this question the predetermined overhead rate is 120% of direct labor cost.

Applied overhead = Direct labor cost x 120% = $85,000 x 120% = $102,000

Actual overheads incurred = $84,000

Overapplied Manufacturing overheads = $102,000 - $84,000 = $18,000

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Unique Company provided the following budgeted data for July:Direct materials $60,000Direct labor $35,000Overhead $100,000Beginn
Katarina [22]

Answer:

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Explanation:

The cost of goods sold represent the amount of direct expenditure incurred on the units of goods sold for the period. It is computed as follows

Cost of goods sold = Opening inventory + cost of production - closing inventory

Note that closing inventory represents the value of the goods yet to be sold at the end o the period while opening inventory represent  the worth of goods brought forward from the previous period.

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