ACC 202 Chapter 3 Template

ACC 202 Chapter 3 Template - Exercise 3-7(10 minutes 1...

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Exercise 3-7 (10 minutes) 1. Manufacturing overhead incurred (a).. 215,000 Actual direct labor-hours .................... 11,500 × Predetermined overhead rate ......... 18.20 = Manufacturing overhead applied (b) .................................................... 209,300 Manufacturing overhead underapplied (a) – (b) ............................................. $5,700 2. Because manufacturing overhead is underapplied, the cost of goods sold would increase by $5,700 and the gross margin would decrease by $5,700. Exercise 3-8 (10 minutes) Direct material .................... 10,000 Direct labor ......................... 12,000 Manufacturing overhead: 15,000 Total manufacturing cost ..... 37,000 Unit product cost: $37,000 ÷ 1,000 units ...... $37
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Exercise 3-20 (30 minutes) 1. a. Raw Materials Inventory 325,000 Accounts Payable 325,000 b. Work in Process 232,000 Manufacturing Overhead 58,000 Raw Materials Inventory
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