29 Jun Question 2. The following cost data relate to
Question
2. The following cost data relate to the manufacturing activities of Black Company during the just completed year:
Manufacturing overhead costs:
Property taxes, factory
$
2,800
Utilities, factory
4,900
Indirect labor
9,900
Depreciation, factory
24,000
Insurance, factory
5,900
Total actual manufacturing overhead costs
$
47,500
Other costs incurred:
Purchases of raw materials
$
31,700
Direct labor cost
$
40,300
Inventories:
Raw materials, beginning
$
8,800
Raw materials, ending
$
6,700
Work in process, beginning
$
5,400
Work in process, ending
$
6,600
The company uses a predetermined overhead rate to apply overhead cost to jobs. The rate for the year was $5 per machine-hour; a total of 11,100 machine-hours was recorded for the year. All raw materials ultimately become direct materials—none are classified as indirect materials.
1.
Compute the amount of underapplied or overapplied overhead cost for the year. (Input the amount as a positive value.
2. Prepare a schedule of cost of goods manufactured for the year. (Input all amounts as positive values.)
4.
Selected T-accounts for Rolm Company are given below for the just completed year:
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1.
What was the cost of raw materials put into production during the year?
2.
How much of the materials in (1) above consisted of indirect materials?
3.
How much of the factory labor cost for the year consisted of indirect labor?
4.
What was the cost of goods manufactured for the year?
5.
What was the cost of goods sold for the year (before considering underapplied or overapplied overhead)?
6.
If overhead is applied to production on the basis of direct materials cost, what predetermined rate was in effect during the year?(Round your answer to 2 decimal places.)
7.
Was manufacturing overhead underapplied or overapplied? By how much?(Input the amount as a positive value.)
8.
Compute the ending balance in the Work in Process inventory account. Assume that this balance consists entirely of goods started during the year. If $32,600 of this balance is direct materials cost, how
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