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Compute the amount of overapplied overhead cost

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Reference no: EM131826140

Question - The following cost data relate to the manufacturing activities of Chang Company during the just completed year:

Actual manufacturing overhead costs incurred:

Indirect materials $15,000

Indirect labor 130,000

Property taxes, factory 8,000

Utilities, factory 70,000

Depreciation, factory 240,000

Insurance, factory 10,000

Total actual manufacturing overhead costs incurred $473,000

Other costs charged to jobs:

Direct materials $375,000

Direct labor cost $60,000

Inventories:

Work in process, beginning $40,000

Work in process, ending $70,000

The company uses a predetermined overhead rate to apply overhead cost to production. The rate for the year was $25 per machine-hour. A total of 19,400 machine-hours was recorded for the year.

Compute the amount of underapplied or overapplied overhead cost for the year.

Determine the cost of goods manufactured for the year using the indirect method.

Reference no: EM131826140

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