The p ditty company applies to overhead to jobs using a

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Reference no: EM13590471

1. Prepare a schedule of cost of goods manufactured - in good form

2. Prepare a schedule of Cost of goods Sold - in good form

3. Prepare an income statement - The company closes an underapplied or overapplied manufacturing overhead to costs of goods sold

4. What is the percent of gross margin and operating income

The P Ditty Company applies to overhead to jobs using a predeterminded overhead rate based on Direct labor hours. At the beginning of the year, the company estimated that it would work 21,000 direct labor hours and estimated it would incur $315,000 in manufacturing overhead cost. The following transactions were recorded for the year.

Raw Materials beginning balance - $35,000 ending balance $11000
Work in process begin balance - $87,000 ending bal $33000
Finished goods beginning balance - $23,000 ending bal $17000

Raw materials were purchased $359,000
Raw materials were requistioned for use in production, $368,000 for direct and $15000 indirect

*Factory utility cost were $39,000 and utility cost for administrative is $2000

*Depreciation for the year was $89,000; of which $68,000 was for factory operations and $21000 was for selling and administrative activities.

*Manufacturing overhead costs were paid (property taxes, insurances, etc) in the amount of $123,000

*Labor costs were as follows : DIrect labor $451000 and Indirect labor was $37000; administrative salaries were $125,000.

*Selling costs $65000

*MOH was applied to jobs using the predetermined rate. The actual direct labor hours were 19000

*Sales for the year is $1404000.

Reference no: EM13590471

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