Midtown, Inc. had the following transactions in 2018, its first year of operations: bullet Issued 31,000 shares of common st
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Answer:
1) Cost of raw material put into production = 32000+420000-57000 = 395000
2) Indirect material = 395000-323000 = 72000
3) Indirect labour = 179000-152000 = 27000
4) Cost of goods manufactured = 520000
5) Cost of goods sold = 43000+520000-132000 = 431000
6) Overhead rate = 250800*100/152000 = 165% of direct labour cost
7) Applied overhead = 250800
Actual overhead = 216000
Overapplied overhead = 250800-216000 = 34800
8) Calculate balance
Ending work in progress:282800
Direct labour:8000
Overhead (8000×165%)=13200
Direct material(282800-8000-13200)=261600.
Attached is the table of data used.
