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Category > Management Posted 03 Nov 2017 My Price 8.00

arrymore Costume Company

Problem 5-54    (Appendix 5A) Predetermined Overhead Rates, Variances, Cost  Flows

 

Barrymore Costume Company, located in New York City, sews costumes for plays and musi- cals. Barrymore considers itself primarily a service firm, as it never produces costumes without a preexisting order and only purchases materials to the specifications of the particular job. Any finished goods ending inventory is temporary and is zeroed out as soon as the show producer pays for the order. Overhead is applied on the basis of direct labor cost. During the first quarter of the year, the following activity took place in each of the accounts listed:

 

Work in Process                                                               Finished Goods

 

 

 

 

 

Text Box: Bal. 17,000 DL 80,000 OH 140,000 DM 40,000 Complete 245,000 Bal. 32,000         Text Box: Bal. 40,000 Complete 245,000 Sold 210,000 Bal. 75,000

 

 

 

Overhead

 

 

Cost of Goods Sold

138,500

140,000

 

210,000

Bal.

1,500

 

 

 

Job 32 was the only job in process at the end of the first quarter. A total of 1,000 direct labor hours at $10 per hour were charged to Job 32.

 

Required:

 

1.       Assuming that overhead is applied on the basis of direct labor cost, what was the overhead rate used during the first quarter of the year?

 

 

 

(Continued)

 

 

 

 

 

 

 

                                                                          

 

 

 

 

 

2.       What was the applied overhead for the first quarter? The actual overhead? The under- or overapplied overhead?

 

3.       What was the cost of the goods manufactured for the quarter?

 

4.       Assume that the overhead variance is closed to the cost of goods sold account. Prepare the journal entry to close out the overhead control account. What is the adjusted balance in Cost of Goods Sold?

 

5.       For Job 32, identify the costs incurred for direct materials, direct labor, and overhead.

 

 

 

Answers

Maurice Tutor
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Status NEW Posted 03 Nov 2017 07:11 PM My Price 8.00

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