Business, 21.03.2020 10:53, Jorjalilli1318
Enos Printing Corp. uses a job order cost system. The following data summarize the operations related to the first quarter’s production.
1. Materials purchased on account $200,000 2 Factory wages incurred $125,000.
2. Beginning balance of job A21 $10,000.
3. Beginning balance of job A23 $5,000.
4. No beginning balance for job A20 and A22.
5. Materials requisitioned and factory labor used by job:
Job Number Materials Factory Labor
A20 20,000 25,000
A21 50,000 35,000
A22 30,000 15,000
A23 10,000 5,000
General factory use 10,000 45,000
Total 120,000 125,000
6. Factory utilities incurred on account of $3,000.
7. Depreciation on factory equipment $3,000.
8. Depreciation on administrative office building $4,000.
9. Depreciation on delivery trucks for administrative office $7,000.
10. Salaries for assembly line inspectors. $5,000.
11. Sales salaries $5,000.
12. Property taxes on factory building $1,000.
13. Repairs to administrative office equipment $150.
14. Repairs to factory equipment and building $250.
15. Research and development $10,000.
16. Advertising $10,000.
17. Sales Office supplies used $2,770.
18. CEO and CEO’s secretary salary $128,700.
19. Enos Printing Corp. estimates that annual manufacturing overhead costs will be $500,000. The estimated annual operating activity base is direct labor cost ($500,000).
20. Jobs completed during the quarter: A20, A22, and A23.
21. Beginning balance of Finished goods $20,000.
22. Ending balance of Finished goods $10,000.
Required:
(a) Determine the total amount of actual manufacturing overhead incurred in the quarter.
(b) Determine the total amount of product costs incurred in the quarter.
(c) Determine the total amount of period costs incurred in the quarter.
(d) Determine Predetermined Overhead Rate (P. O.H. R).
(e) Identify Cost of goods manufactured for the quarter.
(f) Determine ending balance of WIP.
(g) Determine Cost of goods sold before you adjust over or undersupplied OH.
(h) Is overhead underapplied or overapplied?
(i) Determine Cost of goods sold based on the answer to (h).
(j) What would be the better way of adjusting for over or under applied overhead than the approach in (i)?
Answers: 2
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Enos Printing Corp. uses a job order cost system. The following data summarize the operations relate...
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