Molin Corporation is a manufacturer that uses job-order costing. The company closes out any overapplied or underapplied overhead to Cost of Goods Sold at the end of the year. The company has supplied the following data for the just completed year: Estimated total manufacturing overhead at the beginning of the year Estimated direct labor-hours at the beginning of the year Results of operations: Actual direct labor-hours Manufacturing overhead: Indirect labor cost Other manufacturing overhead costs incurred Cost of goods sold (unadjusted) Required: a. What is the total amount of manufacturing overhead applied to production during the year? b. Is manufacturing overhead overapplied or underapplied for the year? By how much? c. What is the adjusted cost of goods sold for the year? Complete this question by entering your answers in the table below. Required A Required B Required C What is the total amount of manufacturing overhead applied to production during the year? Note: Round your intermediate calculations to 2 decimal places. Total manufacturing overhead applied to production < Required A Required B > $ 640,750 35,800 direct labor-hours 40,800 direct labor-hours $ 174,000 $ 635,000 $ 1,650,000
Molin Corporation is a manufacturer that uses job-order costing. The company closes out any overapplied or underapplied overhead to Cost of Goods Sold at the end of the year. The company has supplied the following data for the just completed year: Estimated total manufacturing overhead at the beginning of the year Estimated direct labor-hours at the beginning of the year Results of operations: Actual direct labor-hours Manufacturing overhead: Indirect labor cost Other manufacturing overhead costs incurred Cost of goods sold (unadjusted) Required: a. What is the total amount of manufacturing overhead applied to production during the year? b. Is manufacturing overhead overapplied or underapplied for the year? By how much? c. What is the adjusted cost of goods sold for the year? Complete this question by entering your answers in the table below. Required A Required B Required C What is the total amount of manufacturing overhead applied to production during the year? Note: Round your intermediate calculations to 2 decimal places. Total manufacturing overhead applied to production < Required A Required B > $ 640,750 35,800 direct labor-hours 40,800 direct labor-hours $ 174,000 $ 635,000 $ 1,650,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Molin Corporation is a manufacturer that uses job-order costing. The company closes out any overapplied or underapplied overhead to Cost of Goods Sold at the end of the year. The company has supplied the following data for the just completed year: Estimated total manufacturing overhead at the beginning of the year Estimated direct labor-hours at the beginning of the year Results of operations: Actual direct labor-hours Manufacturing overhead: Indirect labor cost Other manufacturing overhead costs incurred Cost of goods sold (unadjusted) Required: a. What is the total amount of manufacturing overhead applied to production during the year? b. Is manufacturing overhead overapplied or underapplied for the year? By how much? c. What is the adjusted cost of goods sold for the year? Complete this question by entering your answers in the table below. Required A Required B Required C What is the total amount of manufacturing overhead applied to production during the year
Transcribed Image Text:Molin Corporation is a manufacturer that uses job-order costing. The company closes out any overapplied or underapplied
overhead to Cost of Goods Sold at the end of the year. The company has supplied the following data for the just completed year:
Estimated total manufacturing overhead at the beginning of the year
Estimated direct labor-hours at the beginning of the year
Results of operations:
Actual direct labor-hours
Manufacturing overhead:
Indirect labor cost
Other manufacturing overhead costs incurred
Cost of goods sold (unadjusted)
Required:
a. What is the total amount of manufacturing overhead applied to production during the year?
b. Is manufacturing overhead overapplied or underapplied for the year? By how much?
c. What is the adjusted cost of goods sold for the year?
Complete this question by entering your answers in the table below.
Required A
Required B Required C
What is the total amount of manufacturing overhead applied to production during the year?
Note: Round your intermediate calculations to 2 decimal places.
Total manufacturing overhead applied to production
<
Required A
Required B
>
$ 640,750
35,800 direct labor-hours
40,800 direct labor-hours
$ 174,000
$ 635,000
$ 1,650,000
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