Reference no: EM133003270
Question - The following incomplete information is provided in relation to Leapfield Ltd for the month of January.
(i) The actual labour rate is $10 per hour, and overhead is applied on the basis of $ 8 per direct labour hour.
(ii) Jobs sold during the month were sold for $650,000 (credit sales). The cost of the goods sold during the month was $455,000.
(iii) Office supplies inventory worth $5,500 were issued to production during January.
(iv) A total of 10,000 labour hours were worked during normal working hours. Total overhead premiums incurred during the month are $3050.
(v) Sundry manufacturing overhead costs incurred during January were $70,000.
i) Complete the T accounts providing the amounts of a) to l) to show the flow of costs through the company's manufacturing accounts. (NB: No entry is required to close the amount of over/under applied overhead in this part of the question)
ii) Was manufacturing overhead under/over applied during January and by how much? Record the journal entry to close the under/over applied manufacturing overhead.
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