B. Matriarch Incorporated uses a job-order costing system and a predetermined overhead rate based o...
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B. Matriarch Incorporated uses a job-order costing system and a predetermined overhead rate based o machine hours. At the beginning of the year, the company estimated manufacturing overhead for the year would be $240,000 and machine hours would be 8,000 The following information pertains to November of the current year Total 16,000 $26,000 $38,000 $80,000 Work-in-process, Nov. November production activity Materials requisitioned Direct labor cost Machine hours Labor hours Actual manufacturing overhead cost incurred in November was $61,000 S 4,000 $4,800 $7,200 $16,000 S 2,400 $ 3,600 $4,000 $10,000 9002,000 500 400 700 120 180 200 Required: a. Compute the predetermined overhead application rate. b. Determine the total cost associated with each job. c. If jobs 10 and 12 were completed, prepared the journal entry to move the cost d. If job 10 was delivered to customers that paid S50,000 cash, prepare the journal entries What is the gross profit for job 10? e. Assuming no beginning work in process, what is the cost assigned to ending work in process? finished goods? g. How much was overhead over/underapplied? C. D
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