Maurice Tutor

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Category > Accounting Posted 25 Sep 2017 My Price 10.00

Zaf Radiator Company

Proration of overhead. (Z. Iqbal, adapted) The Zaf Radiator Company uses a normal-costing system with a single manufacturing overhead cost pool and machine-hours as the cost-allocation base. The following data are for 2011:

Budgeted manufacturing overhead costs

$4,800,000

Overhead allocation base

Machine-hours

Budgeted machine-hours

80,000

Manufacturing overhead costs incurred

$4,900,000

Actual machine-hours

75,000

Machine-hours data and the ending balances (before proration of under- or overallocated overhead) are as follows:

 

Actual Machine-Hours

2011 End-of-Year Balance

Cost of Goods Sold

60,000

$8,000,000

Finished Goods Control

11,000

1,250,000

Work-in-Process Control

4,000

750,000

1. Compute the budgeted manufacturing overhead rate for 2011.

2. Compute the under- or overallocated manufacturing overhead of Zaf Radiator in 2011. Dispose of this amount using the following:

a. Write-off to Cost of Goods Sold

b. Proration based on ending balances (before proration) in Work-in-Process Control, Finished Goods Control, and Cost of Goods Sold

c. Proration based on the overhead allocated in 2011 (before proration) in the ending balances of Work-in-Process Control, Finished Goods Control, and Cost of Goods Sold

3. Which method do you prefer in requirement 2? Explain.

Answers

Maurice Tutor
(5)
Status NEW Posted 25 Sep 2017 03:09 PM My Price 10.00

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