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  3. the following costs are attributed to the quilt co

The following costs are attributed to the Quilt Company: Purchase of raw materials (all direct)...

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Accounting

The following costs are attributed to the Quilt Company:
Purchase of raw materials (all direct)
$296,000
Direct labour cost
$141,600
Manufacturing overhead costs
$166,260
Inventories:
Beginning raw materials
$9,000
Ending raw materials
$8,000
Beginning work in process
$20,000
Ending work in process
$15,600
Beginning finished goods
$20,000
Ending finished goods
$5,600
Quilt Company used a 120% predetermined overhead rate based on direct labour cost.
Required:
a- Calculate the cost of goods manufactured. (6 marks)
b- What was the cost of goods sold before adjusting for any under or over applied overhead? (2 marks)
C- Was the overheard overapplied or underapplied and by how much? (2 marks)
D- Indicate if the disposition of the over/underapplied will be a debt or a credit to the
GOGS? (2 marks)

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