Curtis Inc. uses a job order costing system. Manufacturing overhead is applied on the basis of direct labor cost. Total manufacturing overhead was estimated to be $53,165 for the year; direct labor was estimated to total $151,900. (1/1) (12/31) $ 10,400 $14,200 $ 22,800 $ 18,000 $ 34,800 $40,800 Raw Materials Inventory Work in Process Inventory Finished Goods Inventory The following transactions have occurred during the year. Raw materials purchases Direct materials used $103,000 $ 92,100 $148,400 $ 7,100 $ 16,800 $ 24,100 $ 19,200 $ 1,700 $ 6,700 Direct labor Indirect materials used Indirect labor Factory equipment depreciation Factory rent Factory utilities Other factory costs (a) Calculate the predetermined overhead rate. Predetermined Overhead Rate 35 % (b) Calculate cost of goods manufactured. Cost of Goods Manufactured $ 297,240

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Chapter1: Financial Statements And Business Decisions
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Curtis Inc. uses a job order costing system. Manufacturing overhead is applied on the basis of direct labor cost. Total manufacturing
overhead was estimated to be $53,165 for the year; direct labor was estimated to total $151,900.
(12/31)
$ 10,400 $ 14,200
$ 22,800 $ 18,000
$ 34,800 $ 40,800
(1/1)
Raw Materials Inventory
Work in Process Inventory
Finished Goods Inventory
The following transactions have occurred during the year.
Raw materials purchases
$103,000
$ 92,100
$148,400
$ 7,100
$ 16,800
$ 24,100
$ 19,200
$ 7,700
$
Direct materials used
Direct labor
Indirect materials used
Indirect labor
Factory equipment depreciation
Factory rent
Factory utilities
Other factory costs
6,700
(a) Calculate the predetermined overhead rate.
Predetermined Overhead Rate
35 %
(b) Calculate cost of goods manufactured.
Cost of Goods Manufactured
2$
297,240
Transcribed Image Text:Curtis Inc. uses a job order costing system. Manufacturing overhead is applied on the basis of direct labor cost. Total manufacturing overhead was estimated to be $53,165 for the year; direct labor was estimated to total $151,900. (12/31) $ 10,400 $ 14,200 $ 22,800 $ 18,000 $ 34,800 $ 40,800 (1/1) Raw Materials Inventory Work in Process Inventory Finished Goods Inventory The following transactions have occurred during the year. Raw materials purchases $103,000 $ 92,100 $148,400 $ 7,100 $ 16,800 $ 24,100 $ 19,200 $ 7,700 $ Direct materials used Direct labor Indirect materials used Indirect labor Factory equipment depreciation Factory rent Factory utilities Other factory costs 6,700 (a) Calculate the predetermined overhead rate. Predetermined Overhead Rate 35 % (b) Calculate cost of goods manufactured. Cost of Goods Manufactured 2$ 297,240
(d) Calculate adjusted cost of goods sold.
Adjusted Cost of Goods Sold
Transcribed Image Text:(d) Calculate adjusted cost of goods sold. Adjusted Cost of Goods Sold
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