Seed Corporation, which began operations on January I of the current year, reported the following information: Estimated manufacturing overhead 480,000 Actual manufacturing overhead 639,000 Estimated direct labor cost 600,000 Actual direct labor cost 500,000 Total credits in the Work-In-Process account 1,192,400 Saturns uses a normal cost system and applies manufacturing overhead to jobs on the basis of direct labor cost. A 60% markup is added to the cost of completed production when finished goods are sold. On December 31, job no. 18 was the only job that remained in production. That job had direct-material and direct-labor charges of 16,500 and 36,000, respectively Required: Determine the company's predetermined overhead rate. 9. Determine the amount of under- or overapplied overhead. Be sure to label your answer 10. Compute the amount of direct materials used in production. 11. Calculate the balance the company would report as ending workin-process inventory 12. Prepare the journal entry(ies) needed to record Buckman's sales, which are all made on account

Seed Corporation, which began operations on January I of the current year, reported the following information: Estimated manufacturing overhead 480,000 Actual manufacturing overhead 639,000 Estimated direct labor cost 600,000 Actual direct labor cost 500,000 Total credits in the Work-In-Process account 1,192,400 Saturns uses a normal cost system and applies manufacturing overhead to jobs on the basis of direct labor cost. A 60% markup is added to the cost of completed production when finished goods are sold. On December 31, job no. 18 was the only job that remained in production. That job had direct-material and direct-labor charges of 16,500 and 36,000, respectively Required: Determine the company's predetermined overhead rate. 9. Determine the amount of under- or overapplied overhead. Be sure to label your answer 10. Compute the amount of direct materials used in production. 11. Calculate the balance the company would report as ending workin-process inventory 12. Prepare the journal entry(ies) needed to record Buckman's sales, which are all made on account

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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