LO 4-3,4-4, 4-5] 4-42 Cost Flows and Application of Overhead Work-in-Process Inventory for Carston Inc. at...

Transcribed Image Text:

LO 4-3,4-4, 4-5] 4-42 Cost Flows and Application of Overhead Work-in-Process Inventory for Carston Inc. at the beginning of the year was a single job, Job T114: Job #Direct Materials Direct Labor Overhead Total T114 $31.500 The company's budgeted costs for the year are as follows: Budgeted overhead $16,250 $28.750 $76,500 Variable Indirect materials $ 68,000 Indirect labor 56,000 Employee benefits 28,000 Fixed Supervision Total Depreciation Budgeted direct labor dollars Rate per direct labor dollar 13,000 15.000 $ 180,000 $ 90,000 200.00% 20 Required The company's actual costs incurred during the year are as follows: Incurred by Jobs Job # Materials Labor Other Total T114 $2,000 $10,000 $ $12,000 T119 24,000 18,000 42,000 T133 8,000 34,000 42,000 T136 1,000 16,000 17,000 $35,000 $78,000 $113,000 Overhead Indirect materials and supplies 60,000 Indirect labor Employee benefits Depreciation Supervision Total 60,000 50,000 50,000 33,000 33,000 15,000 15,000 12,000 12,000 $60,000 $62,000 $48,000 $170,000 Page 0134 1. What was the actual factory overhead for Carston Inc. 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? LO 4-3,4-4, 4-5] 4-42 Cost Flows and Application of Overhead Work-in-Process Inventory for Carston Inc. at the beginning of the year was a single job, Job T114: Job #Direct Materials Direct Labor Overhead Total T114 $31.500 The company's budgeted costs for the year are as follows: Budgeted overhead $16,250 $28.750 $76,500 Variable Indirect materials $ 68,000 Indirect labor 56,000 Employee benefits 28,000 Fixed Supervision Total Depreciation Budgeted direct labor dollars Rate per direct labor dollar 13,000 15.000 $ 180,000 $ 90,000 200.00% 20 Required The company's actual costs incurred during the year are as follows: Incurred by Jobs Job # Materials Labor Other Total T114 $2,000 $10,000 $ $12,000 T119 24,000 18,000 42,000 T133 8,000 34,000 42,000 T136 1,000 16,000 17,000 $35,000 $78,000 $113,000 Overhead Indirect materials and supplies 60,000 Indirect labor Employee benefits Depreciation Supervision Total 60,000 50,000 50,000 33,000 33,000 15,000 15,000 12,000 12,000 $60,000 $62,000 $48,000 $170,000 Page 0134 1. What was the actual factory overhead for Carston Inc. 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?