book: Fundamentals of cost accounting chapter 7: job costing Southern Rim Parts...
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Accounting
book: Fundamentals of cost accounting
chapter 7: job costing
Southern Rim Parts estimates its manufacturing overhead to be $282,000 and its direct labor costs to be $940,000 for year 1. The first three jobs that Southern Rim worked on had actual direct labor costs of $53,000 for Job 301, $78,000 for Job 302, and $115,000 for Job 303. For the year, actual manufacturing overhead was $459,000 and total direct labor cost was $846,000. Manufacturing overhead is applied to jobs on the basis of direct labor costs using predetermined rates.
Overhead applied in each of the inventory accounts is as follows:
| Work-in-process inventory | $ | 28,410 |
| Finished goods inventory | 113,640 | |
| Cost of goods sold | 331,450 | |
Required:
Prepare an entry to allocate the under- or overapplied overhead.
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