-Built Problems Help Save The costing system. uses a Inventories. Raw materials

Question

-Built Problems Help Save The costing system. uses a Inventories. Raw materials Work in process Finished goods $50,50 67,0ee 24,300 50,600 11,700 70,500 Activities and information for May 225,000 375,000 Factory payroll (paid with cash) Factory overhead 30, e80 95,000 135,000 1,55e,800 t materials Indirect labor Other overhead costs Sales (received in cash) Predetermined overhead rate based on direct labor cost 75% Determine whether there is over or underapplied overhead ory Over 30,000 ad ?, prev ot 12 Next >

Explanation / Answer

Indirect Materials 30000 Indirect Labor 95000 Other overhead costs 125000 Total actual overhead incurred 250000 Overhead applied 210000 Underapplied overhead 40000 Total Factory payroll 375000 Less: Indirect labor -95000 Cost of direct labor used 280000 Factory overhead 280000*75% 210000 Journal Entry Cost of Goods Sold 40000 To Factory overhead 40000

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