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Category > Accounting Posted 11 Aug 2017 My Price 9.00

Athens Corporation

Athens Corporation uses a job-cost system and applies manufacturing overhead to products on the basis of machine hours. The company's accountant estimated that overhead and machine hours would total $800,000 and 50,000, respectively, for 20x1. Actual costs incurred follow.

DIrect Material Used $250,000

 

Direct Labor $300,000

 

Manufacturing Overhead $816,000

 

 

 

The manufacturing overhead figure presented above excludes $27,000 of sales commissions incurred by the firm. An examination of job-cost records revealed that 18 jobs were sold during the year at a total cost of $2,960,000. These goods were sold to customers for $3,720,000. Actual machine hours worked totaled 51,500, and Athens adjusts under- or overapplied overhead at year-end to Cost of Goods Sold.

 

 

Determine the amount of under/over applied overhead at year-end.

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Maurice Tutor
(5)
Status NEW Posted 11 Aug 2017 12:08 AM My Price 9.00

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