The goods in process inventory account for the ab

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1.The Goods in Process Inventory account for the AB Corp. follows:Goods in Process InventoryBeginning balance4,500
Direct materials47,100 Direct labor29,600 ? Finshed goodsApplied overhead15,800 Ending balance8,900 The cost of units transferred to finished goods is: $88,100Beg Bal + Direct Materials + Direct Labor + Applied Overhead - Ending Bal = COG ManufacturedDuring last period, a company's overhead rate was 150% of direct labor cost. This caused factory overhead to be $10,000 overapplied. Use the following incomplete accounts to determine the cost of goods manufactured:Goods in Process InventoryFinished Goods InventoryBeg. Bal.10,000 Beg. Bal.30,000 D.M.80,000 ? D.L.? O.H.? F.G.End. Bal.20,000 End. Bal.70,000 Factory Overhead50,000 COGM: 170,000COGS: $130,000? ?
2.A company has an overhead application rate of 120% of direct labor costs. How much overhead would be allocated to a job if it required total labor costing $130,000?
3. Austin Company uses a job order cost accounting system. The company's executives estimated that direct labor would be$2,000,000 (200,000 hours at $10/hour) and that factory overhead would be $1,500,000 for the current period. At the end of the period, the records show that there had been 180,000 hours of direct labor and $1,200,000 of actual overhead costs. Using direct labor hours as the allocation base, calculate the under- oroverapplied overhead for the period. A. $150,000 overapplied.
4.Austin Company uses a job order cost accounting system. The company's executives estimated that direct labor would be $11,000,000 (1,100,000 hours at $10/hour) and that factory overhead would be $6,900,000 for the current period. At the end of the period, the records show that there had been 360,000hours of direct labor and $5,520,000 of actual overhead costs. Using direct labor hours as the allocation base, calculate the under- or overapplied overhead for the period. (Round Overhead rate to 2 decimal places.)

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