Depreciation recorded on plant and equipment 28000

Reference no: EM13587292

Hudson Company uses a job-order costing system. The following transactions took place last year:

a. Raw materials were requisitioned for use in production, $40,000.
b. Factory utility costs incurred, $14,600.
c. Depreciation recorded on plant and equipment, $28,000. Three-fourths of the depreciation related to factory equipment, and the remainder related to selling and administrative equipment.
d. Costs for salaries and wages were incurred as follows:

Direct labor $40,000
Indirect labor $18,000
Sales Commissions $10,000
- Administrative salaries $ 25,000

f. Insurance costs, $3,000 80% relates to factory operations, and 20% relates to selling and administrative.
g. Miscellaneous selling and administrative expenses incurred, $18,000.

h. Manufacturing overhead was applied to production. The company applies overhead on the basis of 150% of direct labor cost.

i. Goods that cost $130,000 to manufacture according to their job cost sheets were transferred to the finished goods warehouse.
j. Goods that had cost $120,000 to manufacture according to their job cost sheets were sold for $200,000.

determine the underapplied or overapplied overhead for the year. Show your work.Prepare an income statement for the year.

Reference no: EM13587292

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