Required I. Caculate dhe total masufaceuing cost for Job X and Joh Y for March.

Question

Required I. Caculate dhe total masufaceuing cost for Job X and Joh Y for March. 2 Calkulate the amoust of overapplied or uesderupplied overhcad and state whether the Cos of Goods Sold accnuni will be in reased it decreased by the adjustiment 5 445 Application of Overhead The fosoning infurmation is for Punta Company f July a. Applied facvory oneshiead costs to johs at the predetcmined rate of $42.50 per lahor hour. Job S ncumed 6,175 labor hoursy Job T used 4.275 labor hours h Shppo d Job S to custntners during July. JobS had a gross margin of 24% hased ne ma nufacturing c. Jobr was still in process at the end of July. d Closed the overappliod ce underapplied overhead to the Cost of Goods Sold account at the end of July e. Tactory utilities, factory deprociation, and factory insurance incurred are summarized as follows Utiities Depreciation Insurance Total S14.250 45.000 18,000 $77.250 . Direct materials and indirect materials used are as follows: Job S Job T Total Material A Material B Subtotal Indirect materals Total $28,500 12,000 71250 $99,750 47,000 35,000 is920530 5108.250 $248 300 $105,250 $146,750 211,000 S357,750 bohres e

Explanation / Answer

Job S Job T Total Direct Materials Material A            28,500            71,250      99,750 Material B            12,000            35,000      47,000 Direct Labor            55,500            45,000    100,500 Applied Overhead          262,438          181,688    444,125 (6175*42.5) (4275*42.5) Total Manufacturing Cost          358,438          332,938    691,375 Manufacturing overhead Indirect Materials 211000 Indirect Labor 133000 Utilities 14250 Dpreciation 45000 Insurance 18000 Total actual manufacturing overhead 421250 Applied Overhead 444125 Overapplied Overhead 22875 Cost of Goods will be decreased by $22875. Even though Job T is still in progress, we will adjust the cost of goods sold account instead of adjusting individual job account

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