Reference no: EM132582977

Assume the following information relates to the Q Company for the Month of May:

                         Job No. 306               Job No. 307                   Job No. 308

In process - May 1:   

Materials            $30,000                      $15,000                           $0

Labor                  45,000                         30,000                            0

Overhead               67,500                     45,000                              0

Costs added in May:

Materials                  7,500                      30,000                        30,000

Labor                        30,000                    30,000                        60,000

Overhead                        ?                          ?                                 ?

Actual overhead costs incurred in May amounted to $172,500. Job Nos. 306 and 307 were completed and transferred out in May. Overhead is applied using a predetermined overhead rate. From the above data compute:

Question a. The cost of the May 1 work in process inventory $232,500

Question b. The total amount of overhead assigned to production in May assuming no change in the overhead rate employed. ?

Question c. The cost of Job No. 306 when completed.?

Question d. The cost of the goods completed and transferred.?

Question e. The cost of the May 30 work in process inventory.?

In reference to the preceding problem, the balance in the Manufacturing Overhead account is $__________, and overhead is __________ (overapplied / underapplied)