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Question - The following cost data relate to the manufacturing activities of Construct Limited last year:
Manufacturing overhead costs:
Property taxes
$6,750
Utilities, factory
8,500
Indirect labor
10,125
Depreciation, factory
26,250
Insurance, factory
8,375
Total
$60,000
Other costs incurred:
Purchases of direct materials
$45,000
Direct labor cost
$48,150
Inventories:
Direct materials, January 1
$5,600
Direct materials, December 31
$7,750
Work in process, January 1
$6,700
Work in process, December 31
$8,200
The company uses a predetermined overhead rate to apply manufacturing overhead cost to production. The rate last year was $9.00 per machine-hour; a total of 7,000 machine-hours were recorded for the year.
Required - 1. Calculate the amount of applied overhead.
2. Calculate the amount and specify underapplied or overapplied overhead cost for the year.
3. Prepare a schedule of Cost of Goods Manufactured for the year. Show all items.
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