Exercise G Refer to the previous exercise. Assume the actual hours and cost data

Question

Exercise G Refer to the previous exercise. Assume the actual hours and cost data were: Actual Manufacturing overhead $450,000 $400,000 $375,000 Direct labor cost Direct labor-hours 45,000 46,000 38,000 Machine-hours Paper Rock Scissors $850,000 $700,000 $400,000 105,000 200,00o 130,00o Compute overapplied or underapplied overhead for each company. Prepare journal entries to transfer overapplied or underapplied overhead to Cost of Goods Sold for each company. 1. 2. Adapted from "Accounting Principles: A Business Perspective, Financial Accounting (Chapters 9-18)" A Textbook Equity Open College Textbook originally by Hermanson, Edwards, and Maher Added Exercise 107 7,800 28,200 15,280 6,230 12,460 106 108 Total Beg. Work in Process Inventory Direct Materials Direct Labor 5,400 17,386 5,422 10,844 13,200 60,866 14,522 29,044 2,870 5,740 Applied Overhe Labor Cost x $2 pertobor cost) Total Job Cost Job Status: 39,052 54,690 23,890 Sold Finished In Process

Explanation / Answer

Added Exercise : 1 Job 108 makes up work-in-process inventory and the total amount is $23,890. 2 Job 107 makes up finished goods inventory and the total cost in $54,690. 3 Job 106 makes up Cost of goods sold and the total amount is $39,052.

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