Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials):
|Purchases of raw materials||$||266,000|
|Manufacturing overhead applied to work in process||$||372,000|
|Actual manufacturing overhead cost||$||357,000|
Inventory balances at the beginning and end of the year were as follows:
|Beginning of Year||End of Year|
|Work in process||?||$||23,000|
The total manufacturing costs for the year were $675,000; the cost of goods available for sale totaled $725,000; the unadjusted cost of goods sold totaled $664,000; and the net operating income was $30,000. The company’s underapplied or overapplied overhead is closed to Cost of Goods Sold.
Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement. (Hint: Prepare the income statement and schedule of cost of goods sold first followed by the schedule of cost of goods manufactured.)
Osborn Manufacturing uses a predetermined overhead rate of $19.20 per direct labor-hour. This predetermined rate was based on a cost formula that estimates $249,600 of total manufacturing overhead for an estimated activity level of 13,000 direct labor-hours.
The company actually incurred $247,000 of manufacturing overhead and 12,500 direct labor-hours during the period.
The following cost data relate to the manufacturing activities of Chang Company during the just completed year:
|Manufacturing overhead costs incurred:|
|Property taxes, factory||9,700|
|Total actual manufacturing overhead costs incurred||$||546,000|
|Other costs incurred:|
|Purchases of raw materials (both direct and indirect)||$||417,000|
|Direct labor cost||$||77,000|
|Raw materials, beginning||$||21,700|
|Raw materials, ending||$||31,700|
|Work in process, beginning||$||41,700|
|Work in process, ending||$||71,700|
The company uses a predetermined overhead rate of $26 per machine-hour to apply overhead cost to jobs. A total of 21,400 machine-hours was used during the year.
Dillon Products manufactures various machined parts to customer specifications. The company uses a job-order costing system and applies overhead cost to jobs on the basis of machine-hours. At the beginning of the year, the company used a cost formula to estimate that it would incur $4,275,000 in manufacturing overhead cost at an activity level of 570,000 machine-hours.
The company spent the entire month of January working on a large order for 12,400 custom-made machined parts. The company had no work in process at the beginning of January. Cost data relating to January follow:
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