ACC312 PLUS Ex2 Review Handout.pdf - ACC 312 Exam 2 Review...

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ACC 312 Exam 2 Review Handout Chapter 3 Raw Materials WIP FG Inventory Inventory Inventory COGS Beginning Balance Beginning Balance Beginning Balance 0 + Purchases + Direct Materials + COGM (amt from WIP) + amount sold - Direct Materials + Direct Labor Cost of goods avail for sale Ending Balance Ending Balance + MOH - COGS - COGM (amt to FG) Ending Balance Ending Balance Predetermined overhead rate = Budgeted overhead Budgeted production volume ( of cost driver ) Total Manufacturing Cost = Direct Material + Direct Labor + Manufacturing Overhead Applied Manufacturing Overhead* Over/Underapplied Manufacturing Overhead = Actual Overhead - Applied Overhead 1. Pane Company uses a job costing system and applies overhead to products on the basis of direct labor cost. Job No. 75, the only job in process on January 1, had the following costs assigned as of that date: direct materials, $40,000; direct labor, $80,000; and factory overhead, $120,000. The following selected costs were incurred during the year: Pane’s profit plan for the year included budgeted direct labor of $320,000 and overhead of $448,000. Assuming no work-in-process on December 31, indicate whether Pane’s overhead was underapplied or overapplied as well as the amount.
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2. The following data pertain to the Oneida Restaurant Supply Company for the year just ended. Budgeted sales revenue $210,000 Actual manufacturing overhead 338,000 Budgeted machine hours (based on practical capacity) 8,000 Budgeted direct-labor hours (based on practical capacity) 20,000 Budgeted direct-labor rate $14 Budgeted manufacturing overhead $364,000 Actual machine hours 11,000 Actual direct-labor hours 18,000 Actual direct-labor rate $16 1) Compute the firm’s predetermined overhead rate for the year using each of the following
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