Work-in-Process Inventory for Carston Incorporated at the beginning of the year was a single job, Job...

  

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Work-in-Process Inventory for Carston Incorporated at the beginning of the year was a single job, Job T114: Direct Materials Direct Labor Overhead $19,250 Total Job Ti14 $ 37,500 $31,750 $ 88,500 The company's budgeted costs for the year are as follows: Budgeted overhead Variable $ 74,000 62,000 31,000 Indirect materials Indirect labor Employee benefita paxTa Supervision Depreciation Total Budgeted direct labor dollars Rate per direct labor dollar 16, 0০০ 18,000 $ 201,000 $ 100,500 200 The company's actual costs incurred during the year are as follows: Incurred by Jobs Other Materials $ 3,200 25,200 9,200 2,200 $ 39,800 Job T114 Total $ 14,400 45,600 Labor $ 11,200 20,400 37,000 17,800 $ 86,400 T119 T133 46,200 20,000 $ 126,200 7136 Incurred by Jobs Overhead Materials Labor Other Total Incurred by Joba Labor Total $ 64,800 54,800 37,200 18,000 13,800 $ 188,600 Haterials $ 64,800 Other Overhead Indirect materials and supplies 54,800 Indirect labor 37, 200 18,000 Employee benefits Depreciation Supervision Total 13,800 $ 68,600 $ 55,200 $ 64,800 Book Required: 1. What was the actual factory overhead for Carston Incorporated for the year? 2. What was overapplied or underapplied overhead for the year? 3. Job T114 was the only job completed and sold in the year. What amount was included in the Cost of Goods Sold account for this job? 4. What was the amount of Work-in-Process Inventory at the end of the year? Print erences 1. actual overhead 2. Underapplied overhead 3. Cost of goods sold for job T114 4. Work-in-process inventory Prev 1 of 3 Next> Work-in-Process Inventory for Carston Incorporated at the beginning of the year was a single job, Job T114: Direct Materials Direct Labor Overhead $19,250 Total Job Ti14 $ 37,500 $31,750 $ 88,500 The company's budgeted costs for the year are as follows: Budgeted overhead Variable $ 74,000 62,000 31,000 Indirect materials Indirect labor Employee benefita paxTa Supervision Depreciation Total Budgeted direct labor dollars Rate per direct labor dollar 16, 0০০ 18,000 $ 201,000 $ 100,500 200 The company's actual costs incurred during the year are as follows: Incurred by Jobs Other Materials $ 3,200 25,200 9,200 2,200 $ 39,800 Job T114 Total $ 14,400 45,600 Labor $ 11,200 20,400 37,000 17,800 $ 86,400 T119 T133 46,200 20,000 $ 126,200 7136 Incurred by Jobs Overhead Materials Labor Other Total Incurred by Joba Labor Total $ 64,800 54,800 37,200 18,000 13,800 $ 188,600 Haterials $ 64,800 Other Overhead Indirect materials and supplies 54,800 Indirect labor 37, 200 18,000 Employee benefits Depreciation Supervision Total 13,800 $ 68,600 $ 55,200 $ 64,800 Book Required: 1. What was the actual factory overhead for Carston Incorporated for the year? 2. What was overapplied or underapplied overhead for the year? 3. Job T114 was the only job completed and sold in the year. What amount was included in the Cost of Goods Sold account for this job? 4. What was the amount of Work-in-Process Inventory at the end of the year? Print erences 1. actual overhead 2. Underapplied overhead 3. Cost of goods sold for job T114 4. Work-in-process inventory Prev 1 of 3 Next>

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1 The amount of indirect factory costs that a business actually charges is known as actual overhead ... View the full answer