Problem#5 Oitawa Manufacturing uses a normal cost system and had the followingdata available for 2022:Direct materials purchased on accountDirect materials usedDirect labor cost incurredFactory overhead incurredCost of goods completedCost of goods soldBeginning direct materials inventoryBeginning WIP inventoryP 74,00041,00065,00073,000146,000128,00013,00032,00029,000Beginning finished goods inventoryOverhead application rate, as a percent of direct-labor costs 125 percentA. The ending balance of work-in-process inventory is:B. How much is the over or underapplied overhead?C. How much is the adjusted Cost of Goods Sold assuming that over orunderapplication is disposed in COGS?

Overapplied OH :— Overapplied overhead occurs when expenses incurred are actually less than what a…

Problem#5 Oitawa Manufacturing uses a normal cost system and had the following data available for 2022: Direct materials purchased on account Direct materials used Direct labor cost incurred Factory overhead incurred Cost of goods completed Cost of goods sold P 74,000 41,000 65,000 73,000 146,000 128,000 Beginning direct materials inventory Beginning WIP inventory Beginning finished goods inventory Overhead application rate, as a percent of direct-labor costs 125 percent A. The ending balance of work-in-process inventory is: B. How much is the over or underapplied overhead? C. How much is the adjusted Cost of Goods Sold assuming that over or underapplication is disposed in COGS? 13,000 32,000 29,000

Problem#5 Oitawa Manufacturing uses a normal cost system and had the following data available for 2022: Direct materials purchased on account Direct materials used Direct labor cost incurred Factory overhead incurred Cost of goods completed Cost of goods sold P 74,000 41,000 65,000 73,000 146,000 128,000 Beginning direct materials inventory Beginning WIP inventory Beginning finished goods inventory Overhead application rate, as a percent of direct-labor costs 125 percent A. The ending balance of work-in-process inventory is: B. How much is the over or underapplied overhead? C. How much is the adjusted Cost of Goods Sold assuming that over or underapplication is disposed in COGS? 13,000 32,000 29,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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