Question 2.1 The following costs are attributed to the Gandalf and Company: Purchase of raw materials (all direct) Direct labour cost Manufacturing overhead costs Change in inventories: Decrease in raw materials Decrease in work in process Decrease in finished goods $291,100 141,800 198,100 $9,100 4,100 13,200 Gandalf and Company used a 120% predetermined overhead rate based on direct labour cost. Submission Instructions: 1. Calculate the cost of goods manufactured. 2. What was the cost of goods sold before adjusting for any under or over applied overhead? 3. By how much was manufacturing overhead cost under or over applied? 4. Prepare a summary journal entry to close any under or over applied manufacturing overhead cost

Question 2.1 The following costs are attributed to the Gandalf and Company: Purchase of raw materials (all direct) Direct labour cost Manufacturing overhead costs Change in inventories: Decrease in raw materials Decrease in work in process Decrease in finished goods $291,100 141,800 198,100 $9,100 4,100 13,200 Gandalf and Company used a 120% predetermined overhead rate based on direct labour cost. Submission Instructions: 1. Calculate the cost of goods manufactured. 2. What was the cost of goods sold before adjusting for any under or over applied overhead? 3. By how much was manufacturing overhead cost under or over applied? 4. Prepare a summary journal entry to close any under or over applied manufacturing overhead cost

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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THIS is cOST ACCOUNTING FOR FACTORY OVERHEAD. PLEASE ANSWER AND SHOW SOLUTIONS