Reference no: EM132758524
The following costs are attributed to the Quilt Company:
Purchase of raw materials (all direct) $296,000
Direct labour cost $141,600
Manufacturing overhead costs $166,260
Inventories:
Beginning raw materials $9,000
Ending raw materials $8,000
Beginning work in process $20,000
Ending work in process $15,600
Beginning finished goods $20,000
Ending finished goods $5,600
Quilt Company used a 120% predetermined overhead rate based on direct labour cost.
Required:
Problem a- Calculate the cost of goods manufactured.
Problem b- What was the cost of goods sold before adjusting for any under or over applied overhead?
Problem C- Was the overheard overapplied or underapplied and by how much?
Problem D- Indicate if the disposition of the over/underapplied will be a debt or a credit to the GOGS?
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