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Make a schedule of cost of goods manufactured for the year

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Reference no: EM132796351

The following cost data relate to the manufacturing activities of Chang Company during the just completed year:

Manufacturing overhead costs incurred:

Indirect materials$15,600

Indirect labor 136,000

Property taxes, factory 8,600

Utilities, factory 76,000

Depreciation, factory 250,700

Insurance, factory 10,600

Total actual manufacturing overhead costs incurred$497,500

Other costs incurred:

Purchases of raw materials (both direct and indirect)$406,000

Direct labor cost$66,000

Inventories:

Raw materials, beginning$20,600

Raw materials, ending$30,600

Work in process, beginning$40,600

Work in process, ending$70,600

The company uses a predetermined overhead rate of $25 per machine-hour to apply overhead cost to jobs. A total of 20,300 machine-hours were used during the year.

Required:

Problem 1. Compute the amount of underapplied or overapplied overhead cost for the year.

Problem 2. a schedule of cost of goods manufactured for the year.

Reference no: EM132796351

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