Reference no: EM132561675
S. J. MATEK Marine Machine Co., Ltd. manufactures outboard motors and an assortment of other marine equipment. The company uses a job-order costing system. Normal costing is used, and manufacturing overhead is applied on the basis of machine hours. Estimated manufacturing overhead for the year is $1,520,200, and management estimates the firm's practical capacity at 69,100 machine hours.
a. The firm purchased marine propellers from Guangdong Snow land Refrigeration Equipment Co., Ltd. for $8,240 on account.
b. A requisition was filed by the Gauge Department supervisor for 280 pounds of clear plastic.
c. The material cost $ 0.70 per pound when it was purchased.
d. The Motor Testing Department supervisor requisitioned 320 feet of electrical wire, which is considered an indirect material. The wire cost $ 0.10 per foot when it was purchased.
e. An electric utility bill of $900 was paid in cash.
f. Direct-labor costs incurred in May were $73,500.
g. May's insurance cost was $2,100 for insurance on the cars driven by sales personnel. The policy had been prepaid in March.
h. Metal tubing costing $2,800 was purchased on account.
i. A cash payment of $1,850 was made on outstanding accounts payable.
j. Indirect-labor costs of $19,000 were incurred during May.
k. Depreciation on equipment for May amounted to $8,500.
l. Job number G22, consisting of 60 tachometers, was finished during May. The total cost of the job was $1,200.
m. During May, 6,500 machine hours were used.
n. Sales on account for May amounted to $181,000. The cost of goods sold in May was $142,500.
Required:
Question 1: Calculate the company's predetermined overhead rate for the year.
Question 2: Prepare journal entries to record the events, which occurred during May
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