individual project

Project Description:

task 2

at the end of december 2014, floridian company has no jobs in process. below is a list of its 2015 cost estimates.

direct labor (50 employees at $25 per hour working

2,000 hours each……………………………………………….$?

indirect labor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 319,200

factory supervision . . . . . . . . . . . . . . . . . . . . . . . . 240,000

rent on factory building . . . . . . . . . . . . . . . . . . . . 140,000

factory utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . 88,000

factory insurance expired . . . . . . . . . . . . . . . . . . . 68,000

depreciation—factory equipment . . . . . . . . . . . . 480,000

repairs expense—factory equipment . . . . . . . . . 60,000

factory supplies used . . . . . . . . . . . . . . . . . . . . . . 68,800

miscellaneous production costs . . . . . . . . . . . . . . 36,000

total estimated overhead costs . . . . . . . . . . . . . . $1,500,000

as of december 31, 2015, actual overhead costs incurred by the company were $1,520,000. below is the list of five completed and sold jobs’ direct labor costs:

job 201. . . . . . . . . . . . . . $604,000

job 202. . . . . . . . . . . . . . $563,000

job 203. . . . . . . . . . . . . . $298,000

job 204. . . . . . . . . . . . . . $716,000

job 205. . . . . . . . . . . . . . $314,000

the company started but hasn’t finished job 206 as of december 31, 2015. the company has incurred $17,000 for direct labor attributed to job 206. floridian uses direct labor for its predetermined overhead rate.

required

a. i. calculate the predetermined overhead rate for 2015;

ii. calculate total overhead cost applied to the jobs in 2015

iii calculate over or under applied overhead as of december 31, 2015

b. prepare the adjusting entry to allocate over or under applied overhead to cost of goods sold as of december 31, 2015. assume over or under applied overhead is not material.
Skills Required:
Project Stats:

Price Type: Fixed

Project Budget: $10 to $15
Completed
Total Proposals: 7
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