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3 years ago

The following cost data relate to the manufacturing activities of Chang Company during the just completed year:

Business

2 answers:

Elza [17]3 years ago

8 0

Answer:

Amount of underapplied or overapplied overhead cost for the year

$97000 - Underapplied

Schedule of cost of goods manufactured for the year

Direct Material 3885000

Direct Labor 60000

Overheads 376000

Total Manufacturing Costs 4321000

Add Opening Inventory WIP 400000

Less Closing Inventory WIP (700000)

Cost of Goods Manufactured 4021000

Explanation:

Amount of underapplied or overapplied overhead cost for the year

Underapplied or Overapplied overhead cost =Actual Overhead - Applied Overhead

$473000-$376000= $ 97000

Schedule of cost of goods manufactured for the year

Direct Materials Calculation 

Opening 200000

Add Purchases 4000000

Available 4200000

Less Closing Material 300000

Materials Consumed 3900000

Less Indirect Materials 15000

Direct Materials Consumed 3885000

Evgen [1.6K]3 years ago

8 0

Answer:

1. The overhead is under applied - $ 105,000

2. Schedule of cost of goods manufactured

Raw materials consumed $ 390,000

Direct Labor $ 60,000

Applied manufacturing overhead $ 368,000

Total manufacturing input $ 818,000

Add: Opening work in process $ 40,000

Less: Closing work in process $ ( 70,000)

Cost of goods manufactured $ 788,000

Explanation:

Calculation of predetermined overhead

Estimated manufacturing overhead $ 376,000

Estimated machine hours 23,500

Predetermined overhead rate $ 16 per machine hour

Calculation of over - under application of overhead

Actual machine hours 23,000

Predetermined overhead rate $ 16 per machine hour

Total Overhead applied 23,000 * $ 16 = $ 368,000

Actual overhead $ 473,000

Underapplication of overhead $ 105,000

Calculation of materials consumed

Raw materials beginning $ 20,000

Purchases $ 400,000

Less: Raw materials ending $ ( 30,000)

Raw materials consumed $ 390,000

Direct Labor $ 60,000

Applied manufacturing overhead $ 368,000

Total manufacturing input $ 818,000

Add: Opening work in process $ 40,000

Less: Closing work in process $ ( 70,000)

Cost of goods manufactured $ 788,000

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Answer:

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