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In: Accounting

The following cost data relate to the manufacturing activities of Black Company during the just-completed year:...

The following cost data relate to the manufacturing activities of Black Company during the just-completed year:
  Manufacturing overhead costs:
     Property taxes, factory $ 3,900
     Utilities, factory 6,350
     Indirect labour 11,800
     Depreciation, factory 26,250
     Insurance, factory 7,800
     Total actual manufacturing overhead costs $ 56,100
  Other costs incurred:
     Purchases of raw materials. $ 36,500
     Direct labour cost $ 46,300
  Inventories:
     Raw materials, beginning $ 9,800
     Raw materials, ending $ 7,900
     Work in process, beginning $ 7,350
     Work in process, ending $ 9,300

  

     The company uses a predetermined overhead rate to apply overhead cost to production. The rate for the year was $5 per machine-hour; a total of 12,000 machine-hours were recorded for the year. All raw materials ultimately become direct materials—none are classified as indirect materials.
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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Expert Solution

ekkarill92 answered 1 year ago
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