Reference no: EM13941889
Martinez Products, Inc. is a manufacturing company that uses a predetermined overhead rate to apply overhead to individual jobs. The company believes that direct labor hours drive overhead costs. At the beginning of 2015, the company made the following estimates:
Total estimated overhead costs $ 308,750
Total estimated direct labor hours 47,500
At 12/31/14, the company had the following account balances:
Raw materials $ 3,750
WIP $ 15,600 (all Job 599)
FG $ 33,750
During January 2015, the following activity occurred: Job 599 Job 600
Materials purchased $ 52,000
Materials requisitioned $ 49,250 job 599: $ 32,500 job 600: $ 16,750
Direct labor costs ($8.50/hour) $ 32,725 job 599: $ 17,850 job 600: $ 14,875
Indirect factory labor $ 9,750
Indirect materials (factory) $ 6,000
Facilities Cost - Factory $ 3,500
Facilities Cost - Corporate $ 900
Equipment costs - Factory $ 3,750
Equipment costs - Corporate $ 800
Job 599 (500 units) was completed during January. Job 600 was still in progress.
1. What was the predetermined MOH rate for 2015?
2. In January, what was the total cost incurred for Job 599?
3. What was the total cost of Job 599?
4. What was the cost per unit for Job 599?
5. What was the total cost of Job 600 through 1/31/15?
6. What was the total amount for MOH applied during January?
7. What is the balance in the MOH account at 1/31/15?
8. Was MOH over applied or under applied in January?
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