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Question - Piedmont Company manufactures lightweight backpacking tents. The following cost data relate to the manufacturing activities of Piedmont Company during the just-completed year:
Manufacturing Overhead Costs incurred:
Indirect Materials
$15,800
Indirect Labor
138,00
Property Taxes, factory
8,800
Utilities, factory
78,000
Depreciation, factory
150,000
Insurance, Factory
10,000
Total Actual manufacturing overhead costs incurred
$402,000
Other costs incurred:
Purchases of Raw Materials (both direct and indirect)
$408,000
Direct Labor Cost
$68,000
Inventories:
Raw Materials, beginning
$20,800
Raw Materials, ending
$30,800
Work in process, beginning
$40,800
Work in process, ending
$70,800
The company uses a predetermined overhead reate of $20 per machine-hour to apply overhead costs to jobs. A total of 20,500 machine-hours were used during the year.
Required -
1) Compute the amount of underapplied or overhead overhead cost for the year.
2) Prepare a schedule of cost of goods manufactured for the year.
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