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Tatiana [17]
3 years ago
12

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

<em>Direct Materials  Calculation  </em>                                  

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                                             <u>$ 368,000</u>

Total manufacturing input                                                         $ 818,000

Add: Opening work in process                                                 $  40,000

Less: Closing work in process                                                   <u>$ ( 70,000</u>)

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                                                                       <u>$ 473,000</u>

Underapplication of overhead                                                 $ 105,000  

Calculation of materials consumed

Raw materials beginning                              $   20,000

Purchases                                                       $ 400,000

Less: Raw materials ending                          <u>$ ( 30,000)</u>

Raw materials consumed                                                         $ 390,000

Direct Labor                                                                               $   60,000

Applied manufacturing overhead                                             <u>$ 368,000</u>

Total manufacturing input                                                         $ 818,000

Add: Opening work in process                                                 $  40,000

Less: Closing work in process                                                   <u>$ ( 70,000</u>)

Cost of goods manufactured                                                     $ 788,000            

                         

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