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shusha [124]
3 years ago
5

Adams Manufacturing allocates overhead to production on the basis of direct labor costs. At the beginning of the year, Adams est

imated total overhead of $385,900; materials of $417,000 and direct labor of $227,000. During the year Adams incurred $408,900 in materials costs, $403,400 in overhead costs and $231,000 in direct labor costs. Compute the amount of under- or overapplied overhead for the year.
Business
1 answer:
exis [7]3 years ago
4 0

Answer:

$364,980

Explanation:

Computation for the amount of under- or overapplied overhead for the year.

First step is to calculate the

Predetermined Overhead using this formula

Predetermined Overhead rate = Estimated overhead/direct labor estimated

Let plug in the formula

Predetermined Overhead rate= 358,900/227,000

Predetermined Overhead rate= 158% of direct labor cost

Now let determine the Overhead applied

Overhead applied = $231,000*158%

Overhead applied= $364,980

Therefore the amount of under- or overapplied overhead for the year is $364,980

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Answer:

<u>Slapshot Company</u>

<u>Income statement for the month of June</u>

Sales ( 1,890 x $360)                                   $680,400

Less Costs of Sales                                    ($378,000)

Gross Profit                                                  $302,400

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Commissions                           $68,040

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Explanation:

The Income statement shows the <em>Profit</em> earned during the reporting period. This is determined as Gross Profit (Sales - Cost of Sales) minus the Operating Expenses.

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