B9 Week 5 Tutorial.pdf - ACC2002 TUTORIAL 4 WEEK 5 PRODUCT COSTING SYSTEMS DONE BY GAN NICOLE KONG XING LE SAMUEL LEE ZHAN RUI TANG WEI KHONG Content

B9 Week 5 Tutorial.pdf - ACC2002 TUTORIAL 4 WEEK 5 PRODUCT...

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ACC2002 TUTORIAL 4, WEEK 5 PRODUCT COSTING SYSTEMS DONE BY: GAN NICOLE, KONG XING LE, SAMUEL LEE ZHAN RUI , TANG WEI KHONG
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Content E4.25 Kong Xing Le P4.37 Tang Wei Khong P4.39 Gan Nicole C4.43 Samuel Lee Zhan Rui
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E4.25
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E4.25 The following information relates to Beautiful Designs Pty Ltd for the year just ended: Budgeted direct labour cost 80,000 hours @ $22 per hour Actual direct labour cost 78,000 hours @$25 per hour Budgeted manufacturing overhead $1,048,000 Actual manufacturing overhead Depreciation $256,000 Property taxes 19,000 Indirect labour 88,000 Supervisory salaries 210,000 Electricity 48,000 Insurance 25,000 Factory rent 290,000 Indirect material (see data) 64,000 Indirect material Beginning inventory, 1 January $60,000 Purchases 84,000 Ending Inventory, 31 December 80,000
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E4.25 Required: 1)Calculate the firm’s predetermined overhead rate, which was based on direct labour hours.2) Calculate the overapplied or underapplied overhead for the year. 3) Prepare a journal entry to close the manufacturing overhead account to cost of goods sold. 4) What caused the overapplied or underapplied overhead?
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(1) Calculate the firm’s predetermined overhead rate, which was based on direct labour hours.
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(2) Calculate the overapplied or underapplied overhead for the year.
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(3) Prepare a journal entry to close the manufacturing overhead account to cost of goods sold.
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(4) What caused the overapplied or underapplied overhead?
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P4.37
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