Kody corporation uses a job-order costing system with a

Reference no: EM13586292

Kody Corporation uses a job-order costing system with a plantwide overhead rate based on machine-hours. At the beginning of the year, the company made the following estimates:


Machine-hours required to support estimated production		151,000
Fixed manufacturing overhead cost	$	657,000
Variable manufacturing overhead cost per machine-hour	$	4.80

Required:

1.	Compute the predetermined overhead rate. (Round your answer to 2 decimal places. Omit the "$" sign in your response.)

Predetermined overhead rate

$ per MH

2.	During the year Job 500 was started and completed. The following information was available with respect to this job:


Direct materials requisitioned	$	340
Direct labor cost	$	250
Machine-hours used		32

Compute the total manufacturing cost assigned to Job 500. (Round your intermediate calculations to 2 decimal places and final answer to the nearest dollar amount. Omit the "$" sign in your response.)

Total manufacturing cost

3-a.

During the year the company worked a total of 145,900 machine-hours on all jobs and incurred actual manufacturing overhead costs of $1,341,985. What is the amount of underapplied or overapplied overhead for the year? (Input the amount as a positive value. Round your intermediate calculations to 2 decimal places and final answer to the nearest dollar amount. Omit the "$" sign in your response.)

Manufacturing overhead cost (Click to select)overappliedunderapplied by

3-b.

If this amount were closed out entirely to cost of goods sold, would the journal entry increase or decrease net operating income?

	Increase
	Decrease

Reference no: EM13586292

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