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Category > Accounting Posted 19 Aug 2017 My Price 7.00

Ilberg Company

Cornerstone Exercise 5-23      Overhead Variance (Over- or Underapplied), Closing to Cost of Goods Sold

At the end of the year, Ilberg Company provided the following actual  information:

Overhead                                $423,600

Direct labor cost                       532,000

 

Ilberg uses normal costing and applies overhead at the rate of 80% of direct labor cost. At the end of the year, Cost of Goods Sold (before adjusting for any overhead variance) was $1,890,000.

Required:

1.       Calculate the overhead variance for the year.

2.       Dispose of the overhead variance by adjusting Cost of Goods Sold.

 

 

 

 

 

Overhead

$240,000

$350,000

$590,000

Direct labor hours

31,200

100,000

131,200

Machine hours

150,000

—

150,000

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Maurice Tutor
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Status NEW Posted 19 Aug 2017 02:08 PM My Price 7.00

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