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Category > Accounting Posted 29 Jul 2017 My Price 12.00

Olivar Company

Exercise 16-32 CALCULATING THE PREDETERMINED OVERHEAD RATE, APPLYING OVERHEAD TO PRODUCTION, RECONCILING OVERHEAD  AT THE END OF THE YEAR, ADJUSTING COST OF GOODS    SOLD

FOR UNDER- AND OVERAPPLIED OVERHEAD

At the beginning of the year, Olivar Company estimated the following:

Overhead                      $216,000

Direct labor hours             80,000

Olivar uses normal costing and applies overhead on the basis of direct labor hours. For the month of January, direct labor hours were 7,950. By the end of the year, Oli- var showed the following actual amounts:

Overhead                      $226,000

Direct labor hours             82,600

Assume that unadjusted Cost of Goods Sold for Olivar was $235,670.

Required:

1.        Calculate the predetermined overhead rate for Olivar.

2.        Calculate the overhead applied to production in January.

3.        Calculate the total applied overhead for the year. Was overhead over- or underap- plied? By how much?

4.        Calculate adjusted Cost of Goods Sold after adjusting for the overhead variance.

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Maurice Tutor
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Status NEW Posted 29 Jul 2017 02:07 PM My Price 12.00

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