Reference no: EM132515359
Point 1: Luzadis Company makes furniture using the latest automated technology. The company uses a job-order costing system and applies manufacturing overhead cost to products on the basis of machine-hours. The predetermined overhead rate was based on a cost formula that estimates $1,152,000 of total manufacturing overhead for an estimated activity level of 72,000 machine-hours.
Point 2: During the year, a large quantity of furniture on the market resulted in cutting back production and a buildup of furniture in the company's warehouse.
The company's cost records revealed the following actual cost and operating data for the year:
Machine-hours 55,000
Manufacturing overhead cost $ 1,102,000
Inventories at year-end:
Raw materials $18,000
Work in process (includes overhead $114,600 applied of $52,800)
Finished goods (includes overhead $362,900 applied of $167,200)
Cost of goods sold (includes overhead $1,432,500 applied of $660,000)
Question 1. Assume that the company allocates any underapplied or overapplied overhead proportionally to Work in Process, Finished Goods, and Cost of Goods Sold. Help prepare the appropriate journal entry.
Question 2. Net income will be ? greater if the underpaid overhead is allocated rather than closed entirely to cost of goods sold.
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