The following account balances at the beginning of january

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Reference no: EM13588608

The following account balances at the beginning of January were selected from the general ledger of Ocean City Manufacturing Company. Work in process inventory $0 Raw materials inventory $28,000 Finished goods inventory $40,000 Additional data: 1) actual manufacturing overhead for January amounted to $62000 2) Total direct labor cost for januray was $63,000 3) The predetermined manufacturing overhead rate is based on direct cost. The budget for the year called for $250,000 of direct labor cost and $350,000of manufacturing overhead costs.4) The only job unfinished on January 31 was Job. 151 for which total direct labor charges were $5,200( 800 direct labor hours) and total direct material charges were $14,000 5) Cost of direct materials placed in production during January totaled $123,000. There were no indirect material requisitions during January. 6) January 31 balance in raw materials inventory was $35,000 7) Finished goods inventory balance on January 31 was $34,500

1.What is the cost of goods sold for January?

A. $314,200

B. $236,500

C. $253,220

D. $213,586

2. Has manufacturing overhead been overallocated or underallocated and by what amount as of January 31?

A. $17,000 underallocated

B. $17,000 overallocated

C. $26,200 underallocated

D $26,200 overallocated

Reference no: EM13588608

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