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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 $ 15,300 133,000 8,300 Property taxes, factory Utilities, factory 73,000 Depreciation, factory Insurance, factory 152,100 10,300 $ 392,000 Total actual manufacturing overhead costs incurred Other costs incurred: Purchases of raw materials (both direct and indirect) $ 403,000 Direct labor cost $ 63,000 Inventories: Raw materials, beginning Raw materials, ending $ 20,300 $ 30,300 Work in process, beginning $ 40,300 Work in process, ending $ 70,300 The company uses a predetermined overhead rate of $20 per machine-hour to apply overhead cost to jobs. A total of 20,000 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.

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 $ 15,300 133,000 8,300 Property taxes, factory Utilities, factory 73,000 Depreciation, factory Insurance, factory 152,100 10,300 $ 392,000 Total actual manufacturing overhead costs incurred Other costs incurred: Purchases of raw materials (both direct and indirect) $ 403,000 Direct labor cost $ 63,000 Inventories: Raw materials, beginning Raw materials, ending $ 20,300 $ 30,300 Work in process, beginning $ 40,300 Work in process, ending $ 70,300 The company uses a predetermined overhead rate of $20 per machine-hour to apply overhead cost to jobs. A total of 20,000 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.

FINANCIAL ACCOUNTING
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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Grades for Victoria Cu: IBM 4112. X Question 3 - Ch3 Review Assignm X + ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launch Url=https%253A%252F%252Fnewconnect.mheducation.com%252F#/acti... Q CPP Canvas Zoom BroncoDirect V zlibrary k Kanopy McGraw ACC2080 # Tableau IBM3302 Tableau IBM3302 SVG Bundles Free SVG pf PNG Find DaFont.com Ch3 Review Assignments i Saved Help Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. 3 Prepare a scriedule of cost of goods manufactured for the year. > Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a schedule of cost of goods manufactured for the year. Chang Company Schedule of Cost of Goods Manufactured Beginning work in process inventory Direct materials: Beginning raw materials inventory S 20,300 Add: Purchases of raw materials Total raw materials available Less: Ending raw materials inventory Raw materials used in production Less: Indirect materials used in production Direct materials used in production Direct labor Manufacturing overhead applied to work in process Total manufacturing costs added to production Total manufacturing costs to account for Less: Ending work in process inventory Cost of goods manufactured ← → C o Outlook A 10 points Mc Graw Hill Type here to search 403,000✔ 423,300✔ 30,300✔ 393,000✔ 15,300✔ ✔ ✔ ✔ ✔ < Required 1 $377,700 881,000 63,000✔ 400,000✔ $ 40,300 1,721,700 1,762,000 $ 810,700 70,300✔ Required 2 > 8: < Prev 99+ O 3 of 5 cricut Next > F → Creative Fabrica Save & Exit Submit Return to question 81°F ^ 4x 12:55 PM 6/8/2022 X : 24)
Transcribed Image Text:Grades for Victoria Cu: IBM 4112. X Question 3 - Ch3 Review Assignm X + ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launch Url=https%253A%252F%252Fnewconnect.mheducation.com%252F#/acti... Q CPP Canvas Zoom BroncoDirect V zlibrary k Kanopy McGraw ACC2080 # Tableau IBM3302 Tableau IBM3302 SVG Bundles Free SVG pf PNG Find DaFont.com Ch3 Review Assignments i Saved Help Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. 3 Prepare a scriedule of cost of goods manufactured for the year. > Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a schedule of cost of goods manufactured for the year. Chang Company Schedule of Cost of Goods Manufactured Beginning work in process inventory Direct materials: Beginning raw materials inventory S 20,300 Add: Purchases of raw materials Total raw materials available Less: Ending raw materials inventory Raw materials used in production Less: Indirect materials used in production Direct materials used in production Direct labor Manufacturing overhead applied to work in process Total manufacturing costs added to production Total manufacturing costs to account for Less: Ending work in process inventory Cost of goods manufactured ← → C o Outlook A 10 points Mc Graw Hill Type here to search 403,000✔ 423,300✔ 30,300✔ 393,000✔ 15,300✔ ✔ ✔ ✔ ✔ < Required 1 $377,700 881,000 63,000✔ 400,000✔ $ 40,300 1,721,700 1,762,000 $ 810,700 70,300✔ Required 2 > 8: < Prev 99+ O 3 of 5 cricut Next > F → Creative Fabrica Save & Exit Submit Return to question 81°F ^ 4x 12:55 PM 6/8/2022 X : 24)
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 $ 15,300 133,000 8,300 Property taxes, factory Utilities, factory 73,000 Depreciation, factory 152,100 10,300 Insurance, factory $ 392,000 Total actual manufacturing overhead costs incurred Other costs incurred: Purchases of raw materials (both direct and indirect) $ 403,000 $ 63,000 Direct labor cost Inventories: Raw materials, beginning Raw materials, ending $ 20,300 $ 30,300 Work in process, beginning $ 40,300 Work in process, ending $ 70,300 The company uses a predetermined overhead rate of $20 per machine-hour to apply overhead cost to jobs. A total of 20,000 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.
Transcribed Image Text: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 $ 15,300 133,000 8,300 Property taxes, factory Utilities, factory 73,000 Depreciation, factory 152,100 10,300 Insurance, factory $ 392,000 Total actual manufacturing overhead costs incurred Other costs incurred: Purchases of raw materials (both direct and indirect) $ 403,000 $ 63,000 Direct labor cost Inventories: Raw materials, beginning Raw materials, ending $ 20,300 $ 30,300 Work in process, beginning $ 40,300 Work in process, ending $ 70,300 The company uses a predetermined overhead rate of $20 per machine-hour to apply overhead cost to jobs. A total of 20,000 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.
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