Exercise 3-7 (Algo) Applying Overhead; Cost of Goods Manufactured [LO3-3, LO3-4] The following cost data relate to the m

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Exercise 3 7 Algo Applying Overhead Cost Of Goods Manufactured Lo3 3 Lo3 4 The Following Cost Data Relate To The M 1 (42.61 KiB) Viewed 60 times

Exercise 3-7 (Algo) Applying Overhead; Cost of Goods Manufactured [LO3-3, LO3-4] The following cost data relate to the manufacturing activities of Chang Company during the just completed year: Manufacturing overhead costs incurred: Indirect materials Indirect labor Property taxes, factory $ 15,300 133,000 8,300 73,000 152, 100 Utilities, factory Depreciation, factory Insurance, factory 10,300 Total actual manufacturing overhead costs incurred $ 392,000 Other costs incurred: Purchases of raw materials (both direct and indirect) $ 403,000 Direct labor cost $ 63,000 Inventories: Raw materials, beginning $ 20,300 Raw materials, ending $ 30,300 $ 40,300 Work in process, beginning Work in process, ending $ 70,300 The company uses a predetermined overhead rate of $20 per machine-hour to apply overhead cost to jobs. A total of 20,000 machine-hours were used during the year. 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the amount of underapplied or overapplied overhead cost for the year. overhead cost < Required 1 Required 2 >