1. a. Estimated overhead cost = $800,000 = 160%
Estimated direct materials used $500,000
b. Before the under- or overapplied overhead can be computed, we
must determine the amount of direct materials used in production for
the year.
Raw materials inventory, beginning ... $ 20,000
Add, Purchases of raw materials... 510,000
Raw materials available ... 530,000
Deduct: Raw materials inventory, ending ... 80,000
Raw materials used in production ... $450,000
Since no indirect materials are identified in the problem, these would
all be direct materials. With this figure, we can proceed as follows:
Actual manufacturing overhead costs:
Indirect labor ... $170,000
Property taxes ... 48,000
Depreciation of equipment ... 260,000
Maintenance... 95,000
Insurance... 7,000
Rent, building... 180,000
Total actual costs ... 760,000
Applied manufacturing overhead costs:
$450,000 × 160% ... 720,000
Underapplied overhead... $ 40,000
Problem 3-27 (continued)
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