Maurice Tutor

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    Argosy University/ Phoniex University/
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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 11 Aug 2017 My Price 12.00

Gomez Company

In December 2010, Gomez Company%u2019s manager estimated next year%u2019s total direct labor cost assuming 50 persons working an average of 2,020 hours each at an average wage rate of $15 per hour. The manager also estimated the following manufacturing overhead costs for year 2011.

 

       
Indirect labor $ 167,950  
Factory supervision   127,000  
Rent on factory building   74,000  
Factory utilities   44,400  
Factory insurance expired   34,500  
Depreciation%u2014Factory equipment   240,000  
Repairs expense%u2014Factory equipment   31,900  
Factory supplies used   35,900  
Miscellaneous production costs   17,000  
 
 
Total estimated overhead costs $ 772,650  
 
 

 

At the end of 2011, records show the company incurred $747,062 of actual overhead costs. It completed and sold five jobs with the following direct labor costs: Job 201, $364,000; Job 202, $331,000; Job 203, $168,000; Job 204, $423,000; and Job 205, $189,000. In addition, Job 206 is in process at the end of 2011 and had been charged $11,200 for direct labor. No jobs were in process at the end of 2010. The company%u2019s predetermined overhead rate is based on direct labor cost.

 

Required
1a.

Determine the predetermined overhead rate for year 2011. (Omit the "%" sign in your response.)

 

Predetermined overhead rate %

 

1b.

Determine the total overhead cost applied to each of the six jobs during year 2011. (Omit the "$" sign in your response.)

 

Job No. Applied Overhead
201 $
202  
203  
204  
205  
206  
 
Total $
 

 

1c.

Determine the over- or underapplied overhead at year-end 2011. (Input all amounts as positive values. Omit the "$" sign in your response.)

 

  $

 

2.

Assuming that any over- or underapplied overhead is not material, prepare the adjusting entry to allocate any over- or underapplied overhead to Cost of Goods Sold at the end of year 2011. (Omit the "$" sign in your response.)

 

Date General Journal Debit Credit
Dec. 31    

 

Answers

Maurice Tutor
(5)
Status NEW Posted 11 Aug 2017 05:08 PM My Price 12.00

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