Reference no: EM132856317
Question - In December 2016, Learer Company's manager estimated next year's total direct labor cost assuming 35 persons working an average of 3,000 hours each at an average wage rate of $20 per hour. The manager also estimated the following manufacturing overhead costs for 2017.
Indirect labor $335,200
Factory supervision 165,000
Rent on factory building 156,000
Factory utilities 104,000
Factory insurance expired 84,000
Depreciation-Factory equipment 413,000
Repairs expense-Factory equipment 76,000
Factory supplies used 84,800
Miscellaneous production costs 52,000
Total estimated overhead costs $1,470,000
At the end of 2017, records show the company incurred $1,843,000 of actual overhead costs. It completed and sold five jobs with the following direct labor costs: Job 201, $620,000; Job 202, $579,000; Job 203, $314,000; Job 204, $732,000; and Job 205, $330,000. In addition, Job 206 is in process at the end of 2017 and had been charged $33,000 for direct labor. No jobs were in process at the end of 2016. The company's predetermined overhead rate is based on direct labor cost.
Required -
1-a. Determine the predetermined overhead rate for 2017.
1-b. Determine the total overhead cost applied to each of the six jobs during 2017.
1-c. Determine the over- or underapplied overhead at year-end 2017.
2. Assuming that any over- or underapplied overhead is not material, prepare the adjusting entry to allocate any over- or underapplied overhead to Cost of Goods Sold at the end of 2017.
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