Schedule of Cost of Goods Manufactured Assignment | Top Universities

Gitano Products operates a job-order costing system and applies overhead cost to jobs on the basis of direct materials used in production (not on the basis of raw materials purchased). Its predetermined overhead rate was based on a cost formula that estimated $129,000 of manufacturing overhead for an estimated allocation base of $86,000 direct material dollars to be used in production. The company has provided the following data for the just-completed year: $132,000 $ 82,000 Purchase of raw materials Direct labor cost Manufacturing overhead costs: Indirect labor 40,500 $ 8,200 $18,000 14,000 $ 8,400 $38,000 Property taxes Depreciation of Equipment Maintenance Insurance Rent, building Beginning Ending 23,000 $18,000 $ 46,000 $37,000 70,000 $57,000 Raw Materials Work in Process Finished Goods Required: 1-a. Compute the predetermined overhead rate for the year. Predetermined overhead rate of 150 % 1-b. Compute the amount of underapplied or overapplied overhead for the year. Underapplied overhead

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2. Prepare a schedule of cost of goods manufactured for the year. Assume all raw materials are used in production as direct materials. Gitano Products Schedule of Cost of Goods Manufactured Direct materials: Raw materials inventory, beginning $ 23,000 Add: Purchases of raw materials 132,000 Total raw materials available 155,000 Less: Raw materials inventory, ending 18,000 Raw materials used in production 137,000 Direct labor 82,000 Manufacturing overhead applied to work in process Total manufacturing cost 219,000 Add: Work in process, beginning 46,000 265,000 Less: Work in process, ending 37,000 Cost of goods manufactured $ 228,000 3-a. Compute the unadjusted cost of goods sold for the year. (Do not include any underapplied or overapplied overhead in your cost of goods sold figure.) Unadjusted cost of goods sold 4. Job 215 was started and completed during the year. What price would have been charged to the customer if the job required $3,900 in direct materials and $5,000 in direct labor cost and the company priced its jobs at 30% above the job's cost according to the accounting system? Price to customer 5. Direct materials made up $8,600 of the $37,0000 ending Work in Process inventory balance. Supply the information missing below Direct materials 15,500 Direct labor Manufacturing overhead 37,000 Work in process inventory. Get Accounting homework help today

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