A manufacturer began the year with no jobs in process. During the year, the company worked on the five jobs reported below. The company applies overhead using a predetermined overhead rate of 60% of direct labor cost. For the year the company incurred actual overhead costs of $1,329,000. Job number 3 5 Direct labor cost on job cost sheet $ 606,200 565,200 300,200 718,200 17,800 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the over-or underapplied overhead at the end of the year. Total actual overhead cost Total applied overhead cost 4 5 Job number 1 Overapplied overhead Underapplied overhead Job status at year-end Completed and sold Completed and sold Completed and sold Completed but not sold In process A manufacturer began the year with no jobs in process. During the year, the company worked on the five jobs reported below. The company applies overhead using a predetermined overhead rate of 60% of direct labor cost. For the year the company incurred actual overhead costs of $1,329,000. Direct labor cost on job cost sheet $ 606,200 565,200 300,200 718,200 17,800 < Required 1 Required 3 > Job status at year-end Completed and sold Completed and sold Completed and sold Completed but not sold In process Complete this question by entering your answers in the tabs below.
A manufacturer began the year with no jobs in process. During the year, the company worked on the five jobs reported below. The company applies overhead using a predetermined overhead rate of 60% of direct labor cost. For the year the company incurred actual overhead costs of $1,329,000. Job number 3 5 Direct labor cost on job cost sheet $ 606,200 565,200 300,200 718,200 17,800 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the over-or underapplied overhead at the end of the year. Total actual overhead cost Total applied overhead cost 4 5 Job number 1 Overapplied overhead Underapplied overhead Job status at year-end Completed and sold Completed and sold Completed and sold Completed but not sold In process A manufacturer began the year with no jobs in process. During the year, the company worked on the five jobs reported below. The company applies overhead using a predetermined overhead rate of 60% of direct labor cost. For the year the company incurred actual overhead costs of $1,329,000. Direct labor cost on job cost sheet $ 606,200 565,200 300,200 718,200 17,800 < Required 1 Required 3 > Job status at year-end Completed and sold Completed and sold Completed and sold Completed but not sold In process Complete this question by entering your answers in the tabs below.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Concept explainers
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
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Transcribed Image Text:A manufacturer began the year with no jobs in process. During the year, the company worked on the five jobs reported below. The
company applies overhead using a predetermined overhead rate of 60% of direct labor cost. For the year the company incurred actual
overhead costs of $1,329,000.
Job number
5
Direct labor cost
on job cost sheet
$ 606,200
565,200
300,200
718,200
17,800
Total actual overhead cost
Total applied overhead cost
Complete this question by entering your answers in the tabs below.
Required 1 Required 2 Required 3
Compute the over-or underapplied overhead at the end of the year.
4
5
Overapplied overhead
Underapplied overhead
Direct labor cost
Job number on job cost sheet
$ 606,200
1
565,200
300,200
718,200
17,800
Job status at year-end
Completed and sold
A manufacturer began the year with no jobs in process. During the year, the company worked on the five jobs reported below. The
company applies overhead using a predetermined overhead rate of 60% of direct labor cost. For the year the company incurred actual
overhead costs of $1,329,000.
Completed and sold
Completed and sold
Completed but not sold
In process
View transaction list
Complete this question by entering your answers in the tabs below.
Note: Enter debits before credits.
Date
< Required 1
Required 1 Required 2 Required 3
Record the entry to close over-or underapplied overhead to Cost of Goods Sold at the end of the year.
Journal entry worksheet
< 1
Job status at year-end
Completed and sold
Completed and sold
Completed and sold
Completed but not sold
In process
December 31
Required 3 >
Record the entry to close over- or underapplied overhead to Cost of Goods
Sold.
General Journal
Debit
Credit
>
Transcribed Image Text:A manufacturer began the year with no jobs in process. During the year, the company worked on the five jobs reported below. The
company applies overhead using a predetermined overhead rate of 60% of direct labor cost. For the year the company incurred actual
overhead costs of $1,329,000.
Job number
1
4
5
Direct labor cost
on job cost sheet
$ 606,200
565,200
300,200
718,200
17,800
Complete this question by entering your answers in the tabs below.
Required 1 Required 2 Required 3
Job Number
Compute the overhead applied to each job.
Direct Labor
$ 606,200
565,200
1
2
3
4
5
Total
Job status at year-end
Completed and sold
Completed and sold
Completed and sold
Completed but not sold
In process
$
300,200
718,200
17,800
2,207,600
Overhead applied
< Required 1
Required 2 >
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