Reference no: EM133074546
Question - ABC inc. produces small, custom earth-moving equipment for landscaping companies. Manufacturing overheads is allocated to work in process using an estimated overhead rate. During April, transactions for ABC included the following:
Direct materials issued to production. $180,000
Indirect materials issued to production. 30,000
Other manufacturing overheads incurred. 250,000
Overhead allocated 225,000
Direct labour costs 75,000
Beginning and ending work in a process were both zero.
What was the cost of jobs completed in April?
Was manufacturing overheads under applied or over applied? By how much?
Write out the journal entries for these transactions, including the adjustment?
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