Curtis Inc. uses a job order costing system. Manufacturing overhead is applied on the basis of...

Transcribed Image Text:

Curtis Inc. uses a job order costing system. Manufacturing overhead is applied on the basis of direct labor cost. Total manufacturing overhead was estimated to be $60,480 for the year; direct labor was estimated to total $151,200. Raw Materials Inventory. Work in Process Inventory Finished Goods Inventory Raw materials purchases Direct materials used Direct labor The following transactions have occurred during the year. Indirect materials used Indirect labor Factory equipment depreciation Factory rent Factory utilities Other factory costs Predetermined Overhead Rate (12/31) $14,400 $18,600 $ 23,100 $ 34,200 $ 40,000 (1/1) $ 19,700 (a) Calculate the predetermined overhead rate. Cost of Goods Manufactured $196,000 $ 96,300 $147,800 $ 6,000 $ 17,000 $ 25,800 $ 18,500 $ 8,700 $ 8,400 (b) Calculate cost of goods manufactured. Overhead 96 (c) Calculate the over- or underapplied overhead. (Input all amounts as positive values.) Curtis Inc. uses a job order costing system. Manufacturing overhead is applied on the basis of direct labor cost. Total manufacturing overhead was estimated to be $60,480 for the year; direct labor was estimated to total $151,200. Raw Materials Inventory. Work in Process Inventory Finished Goods Inventory Raw materials purchases Direct materials used Direct labor The following transactions have occurred during the year. Indirect materials used Indirect labor Factory equipment depreciation Factory rent Factory utilities Other factory costs Predetermined Overhead Rate (12/31) $14,400 $18,600 $ 23,100 $ 34,200 $ 40,000 (1/1) $ 19,700 (a) Calculate the predetermined overhead rate. Cost of Goods Manufactured $196,000 $ 96,300 $147,800 $ 6,000 $ 17,000 $ 25,800 $ 18,500 $ 8,700 $ 8,400 (b) Calculate cost of goods manufactured. Overhead 96 (c) Calculate the over- or underapplied overhead. (Input all amounts as positive values.)