Reference no: EM13911893
Applying Overhead; Cost of Goods Manufactured
The following cost data relate to the manufacturing activities of Black Company during the just completed year:
Manufacturing overhead costs:
Property taxes, factory $ 3,000
Utilities, factory 5,000
Indirect labor 10,000
Depreciation, factory 24,000
Insurance, factory 6,000
Total actual manufacturing overhead costs $ 48,000
Other costs incurred:
Purchases of raw materials $ 32,000
Direct labor cost $ 40,000
Inventories:
Raw materials, beginning $ 8,000
Raw materials, ending $ 7,000
Work in process, beginning
$ 6,000
Work in process, ending $ 7,500
The company uses a predetermined overhead rate to apply overhead cost to jobs. The rate for the year was $5 per machine-hour; a total of 10,000 machine-hours was recorded for the year. All raw materials ultimately become direct materials—none are classified as indirect materials.
Required:
1. Compute the amount of underapplied or overapplied overhead cost for the year.
2. Prepare a schedule of cost of goods manufactured for the year using the indirect method. (Enter all deductions as a negative.)
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: Husemann Co.'s assets include notes receivable from customers. During fiscal 2013, the amount of notes receivable averaged $138,750, and the interest rate of the notes averaged 4.8%.
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Applying overhead-cost of goods manufactured
: Applying Overhead; Cost of Goods Manufactured-The following cost data relate to the manufacturing activities of Black Company during the just completed year: Compute the amount of underapplied or overapplied overhead cost for the year. Prepare a sche..
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