Required: a ) Compute the predetermined overhead rate for the year. b ) Compute the amount of
Question:
Required:
a Compute the predetermined overhead rate for the year.
b Compute the amount of underor overapplied overhead for the year.
Prepare a schedule of cost of goods manufactured for the year.
Compute the adjusted cost of goods sold for the year.
Prepare Income Statement.
XY Co operates a joborder cost system and applio overhead cose to jobs on the hasis of direst materials purshaned in cumputing a predetermined overhead rute at the beginning of the year, the company's estimate were: manufacturing cierhead cone. ; and direct materials to be purchased, The company's inventon acoounts at the beginning of the year were.
tableBeginning,,EndingtableWork in ProcenstableFinished Goonds,table
The following actual costs were incurted during the year:
Purchase of raw material all direct
Direct labor cost
Manufacturing overhead costs:
Indirect labor
Supplies
Depreciation of equipment
Maintenance
Insurance
Rent, building
Total M/0
Selling and Adm. Expenses
Sales
Required:
a Compute the predetermined overhead rate for the year.
b Compute the amount of underor overapplied overhead for the year.
Prepare a schedule of cost of goods manufactured for the year.
Compute the adjusted cost of goods sold for the year.
Prepare Income Statement.
Managerial Accounting
ISBN: 9780073526706
12th Edition
Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer