Prob2-21A & 22A

Prob2-21A & 22A - PROBLEM 221A Overhead Analysis;...

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PROBLEM 2–21A Overhead Analysis; Schedule of Cost of Goods Manufactured Timeless Products uses a job-order costing system and applies overhead cost to jobs on the basis of direct materials used in production (not on the basis of raw materials purchased). In computing a predetermined overhead rate at the beginning of the year, the company’s estimates were: manufacturing overhead cost, $360,000; and direct materials to be used in production, $288,000. The company has provided the following data: Required: 1. a. Compute the predetermined overhead rate for the year. b. Compute the amount of underapplied or overapplied overhead for the year. 2. Prepare a schedule of cost of goods manufactured for the year. 3. Compute the Cost of Goods Sold for the year. (Do not include any underapplied or overapplied overhead in your Cost of Goods Sold figure.) 4. Job 576 was started and completed during the year. What price would have been charged to the customer if the job required $4,000 in direct materials and
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Prob2-21A & 22A - PROBLEM 221A Overhead Analysis;...

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