Manufacturing Overhead is applied on the basis of direct labor cost. Entries in
ID: 2420547 • Letter: M
Question
Manufacturing Overhead is applied on the basis of direct labor cost. Entries in the t-accounts are related if they have the same reference letter. For example all entries with the reference (b) are part of the same journal entry. Using the t-accounts beow select the amount which corresponds to the entry described.
.
Raw Materials
Finished Goods
Bal.
53,000
320,000 (b)
Bal.
81,000
1,190,000
(j)
(a)
273,000
(i)
1,170,000
Bal.
6,000
Bal.
61,000
Work in Process
Manufacturing Overhead
Bal.
33,400
1,170,000
(i)
(b)
80,000
555,000
(h)
(b)
240,000
(c)
100,000
(c)
370,000
(d)
107,000
(h)
555,000
(f)
40,850
(k)
28,400
(g)
224,000
3,150 (L)
Bal.
Cost of Goods Sold
(j)
1,190,000
The cost of goods manufactured is:
The amount of applied overhead is:
The amount of direct labor incurred during the period was:
Total amount of raw materials used during the period is:
The amount of indirect labor incurred during the period was:
The predetermined overhead rate was:
The amount of raw materials purchased during the period is:
Amount of indirect materials used is:
.
Raw Materials
Finished Goods
Bal.
53,000
320,000 (b)
Bal.
81,000
1,190,000
(j)
(a)
273,000
(i)
1,170,000
Bal.
6,000
Bal.
61,000
Work in Process
Manufacturing Overhead
Bal.
33,400
1,170,000
(i)
(b)
80,000
555,000
(h)
(b)
240,000
(c)
100,000
(c)
370,000
(d)
107,000
(h)
555,000
(f)
40,850
(k)
28,400
(g)
224,000
3,150 (L)
Bal.
Cost of Goods Sold
(j)
1,190,000
Explanation / Answer
The cost of goods manufactured is: 11,70,000 The amount of applied overhead is: 5,55,000 The amount of direct labor incurred during the period was: 3,70,000 Amount of direct materials used is: 2,40,000 Total amount of raw materials used during the period is: 3,20,000 The amount of indirect labor incurred during the period was: 1,00,000 Manufacturing Overhead over or under applied? 3,150 The predetermined overhead rate was: 150% The amount of raw materials purchased during the period is: 2,73,000 Amount of indirect materials used is: 80,000
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