Reference no: EM132548469
Net purchases of raw materials during the year 500,000
Total labor costs during the year 800,000
Depreciation of factory assets during the year 100,000
Utilities on the factory during the year 300,000
Beginning Ending
Raw materials inventory 200,000 300,000
Work in process inventory 500,000 200,000
Finished goods inventory 600,000 300,000
Additional information:
- The entity uses a single account for its direct material and indirect materials. Indirect material is one fourth of the total materials used
- The indirect labor is 1/7 of the total labor cost
- The overhead application rate is 80% of direct labor costs
- Any over or under application of overhead is considered material.
Required:
Relevant journal entries for the year
Question 1: What is the total manufacturing cost during the current year?
Question 2: What is the cost of goods manufactured during the current year?
Question 3: What is the over/under application of overhead?
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