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  3. 3. the following cost data relate to the manuf

3. The following cost data relate to the manufacturing activities of...

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Question

Accounting

3.

The following cost data relate to the manufacturing activities of Chang Company during the just completed year:


Manufacturing overhead costs incurred:
Indirect materials $ 16,500
Indirect labor 145,000
Property taxes, factory 9,500
Utilities, factory 85,000
Depreciation, factory 231,700
Insurance, factory 11,500
Total actual manufacturing overhead costs incurred $ 499,200
Other costs incurred:
Purchases of raw materials (both direct and indirect) $ 415,000
Direct labor cost $ 75,000
Inventories:
Raw materials, beginning $ 21,500
Raw materials, ending $ 31,500
Work in process, beginning $ 41,500
Work in process, ending $ 71,500

The company uses a predetermined overhead rate to apply overhead cost to jobs. The rate for the year was $24 per machine-hour. A total of 21,200 machine-hours was recorded for the year.

Required:
A.

Compute the amount of underapplied or overapplied overhead cost for the year.

B.

Prepare a schedule of cost of goods manufactured for the year

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