Put Clases UI raw materials (DOL Urect direct Direct labor cost Inventories: Raw materials, beginning Raw materials, ending Work in process, beginning Work in process, ending The company uses a predetermined overhead rate of $20 per machine-hour to apply overhead cost to jobs. A total of 20,800 machine-hours were used during the year. Complete this question by entering your answers in the tabs below. Required: 1. Compute the amount of underapplied or overapplied overhead cost for the year. 2. Prepare a schedule of cost of goods manufactured for the year. Required 1 Required 2 Compute the amount of underapplied or overapplied overhead cost for the year. 411,000 $ 71,000 overhead cost $ 21,100 $ 31,100 $ 41,100 $ 71,100 Required 1 Required 2 >
Put Clases UI raw materials (DOL Urect direct Direct labor cost Inventories: Raw materials, beginning Raw materials, ending Work in process, beginning Work in process, ending The company uses a predetermined overhead rate of $20 per machine-hour to apply overhead cost to jobs. A total of 20,800 machine-hours were used during the year. Complete this question by entering your answers in the tabs below. Required: 1. Compute the amount of underapplied or overapplied overhead cost for the year. 2. Prepare a schedule of cost of goods manufactured for the year. Required 1 Required 2 Compute the amount of underapplied or overapplied overhead cost for the year. 411,000 $ 71,000 overhead cost $ 21,100 $ 31,100 $ 41,100 $ 71,100 Required 1 Required 2 >
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Variance Analysis
In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.
Standard Costing
The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.
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![Exercise 3-7 (Algo) Applying Overhead; Cost of Goods Manufactured [LO3-3, LO3-4]
The following cost data relate to the manufacturing activities of Chang Company during the just completed year:
Manufacturing overhead costs incurred:
Indirect materials
Indirect labor
Property taxes, factory
Utilities, factory
Depreciation, factory
Insurance, factory
Total actual manufacturing overhead costs incurred
Other costs incurred:
Purchases of raw materials (both direct and indirect)
Direct labor cost
Inventories:
Raw materials, beginning
Raw materials, ending
Work in process, beginning
Work in process, ending
Complete this question by entering your answers in the tabs below.
$ 16,100
141,000
Required 2
9,100
81,000
149,700
11,100
$ 408,000
$ 411,000
$ 71,000
The company uses a predetermined overhead rate of $20 per machine-hour to apply overhead cost to jobs. A total of 20,80
machine-hours were used during the year.
Required:
1. Compute the amount of underapplied or overapplied overhead cost for the year.
2. Prepare a schedule of cost of goods manufactured for the year.
Required 1
Compute the amount of underapplied or overapplied overhead cost for the year.
$ 21,100
$ 31,100
$ 41, 100
$ 71,100](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1a2ec30c-af20-4dbc-9985-f258a025151e%2F96c22917-4454-4a20-9434-2996449c5fd7%2F292mipn_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Exercise 3-7 (Algo) Applying Overhead; Cost of Goods Manufactured [LO3-3, LO3-4]
The following cost data relate to the manufacturing activities of Chang Company during the just completed year:
Manufacturing overhead costs incurred:
Indirect materials
Indirect labor
Property taxes, factory
Utilities, factory
Depreciation, factory
Insurance, factory
Total actual manufacturing overhead costs incurred
Other costs incurred:
Purchases of raw materials (both direct and indirect)
Direct labor cost
Inventories:
Raw materials, beginning
Raw materials, ending
Work in process, beginning
Work in process, ending
Complete this question by entering your answers in the tabs below.
$ 16,100
141,000
Required 2
9,100
81,000
149,700
11,100
$ 408,000
$ 411,000
$ 71,000
The company uses a predetermined overhead rate of $20 per machine-hour to apply overhead cost to jobs. A total of 20,80
machine-hours were used during the year.
Required:
1. Compute the amount of underapplied or overapplied overhead cost for the year.
2. Prepare a schedule of cost of goods manufactured for the year.
Required 1
Compute the amount of underapplied or overapplied overhead cost for the year.
$ 21,100
$ 31,100
$ 41, 100
$ 71,100
Transcribed Image Text:Put Clases UI raw materials (DOL Urect direct
Direct labor cost
Inventories:
Raw materials, beginning
Raw materials, ending
Work in process, beginning
Work in process, ending
The company uses a predetermined overhead rate of $20 per machine-hour to apply overhead cost to jobs. A total of 20,800
machine-hours were used during the year.
Complete this question by entering your answers in the tabs below.
Required:
1. Compute the amount of underapplied or overapplied overhead cost for the year.
2. Prepare a schedule of cost of goods manufactured for the year.
Required 1 Required 2
Compute the amount of underapplied or overapplied overhead cost for the year.
411,000
$ 71,000
overhead cost
$ 21,100
$ 31,100
$ 41,100
$ 71,100
Required 1
Required 2 >
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