The following cost data relate to the manufacturing activities of Newberry Company during the just...
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Accounting
The following cost data relate to the manufacturing activities of Newberry Company during the just completed year:
Total actual manufacturing overhead costs incurred: (including $13,000 of indirect materials) $ 302,000 Purchases of raw materials (both direct and indirect) $ 250,000 Direct labor cost $ 133,000 Inventories: Raw materials, beginning $ 10,100 Raw materials, ending $ 15,400 Work in process, beginning $ 20,700 Work in process, ending $ 35,700
The company uses a predetermined overhead rate to apply manufacturing overhead cost to production. The predetermined overhead rate for the year was $14 per machine-hour. A total of 22,100 machine-hours were recorded for the year. Required:
a. Compute the amount of underapplied or overapplied manufacturing overhead cost for the year.
b. Prepare a Schedule of Cost of Goods Manufactured for the year. (Input all amounts as positive values. Omit the "$" sign in your response.)
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