The following costs are attributed to the Quilt Company: Purchase of...
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Accounting
The following costs are attributed to the Quilt Company:
| Purchase of raw materials (all direct) | $297,100 |
| Direct labour cost | $141,800 |
| Manufacturing overhead costs | $175,260 |
| Inventories: |
|
| Beginning raw materials | $10,000 |
| Ending raw materials | $5,000 |
| Beginning work in process | $20,000 |
| Ending work in process | $10,800 |
| Beginning finished goods | $20,000 |
| Ending finished goods | $4,800 |
Quilt Company used a 120% predetermined overhead rate based on direct labour cost.
Required:
- Calculate the cost of goods manufactured.
- What was the cost of goods sold before adjusting for any under or over applied overhead?
- By how much was manufacturing overhead cost under or over applied?
- Would the summary journal entry to close any under or over applied manufacturing overhead cost be a debit or credit to COGS?
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