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Tiana Shar, the controller for Bondi Furniture Company, is in the process of analyzing the overhead costs for the month of November

Tiana Shar, the controller for Bondi Furniture Company, is in the process of analyzing the overhead costs for the month of November
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ACCOUNTING

Tiana Shar, the controller for Bondi Furniture Company, is in the process of analyzing the overhead costs for the month of November. She has gathered the following data for the month. Labor: Direct Labor Hours Job 77: 3,500 Job 78: 3,000 Job 79: 2,000 Labor Cost: Direct-Labor Wages: $204,000 Indirect-Labor Wages: 15,000 Supervisory Salaries:6,000 Material: Inventories, November 1: Raw Materials and Supplies: $10,500 Work in Progress (job 77): 54,000 Finished goods: 112,500 Purchases of raw material and supplies: Raw Material: $135,000 Supplies (indirect material): 15,000 Direct material and Supplies requisitioned for production Job 77: $45,000 Job 78: 37,500 Job 79: 25,500 Supplies (indirect material): 12,000 Total: $120,000 Other Building occupancy cost (heat, light, depreciation, etc) Factory Facilites: $6,400 Sales Offices: 1,600 Administrative Offices: 1,000 Total: $9,000 Production equipment costs: Power:$4,100 Repairs and maintenance: 1,500 Depreciation: 1,500 Other: 1,000 Total: $8,100 The firms job order costing system uses direct labor hours as the cost driver for overhead application. In december of the preceeding year. Shar has prepared the following budget for direct labor and manufacturing overhead costs for the current year. the plant is capable of operating at 150,000 direct labor hours per year. However, Shar estimates that the normal usage is 120,000 hours in a typical year. Manufacturing Overhead Direct Labor Hours Variable Fixed 100,000 $325,000 $216,000 120,000 390,000 216,000 140,000 455,000 216,000 During November the following jobs were completed: Job 77: side chairs Job 78: end tables
1. Calculate the predetermined overhead rate for the entire year.
2. Calculate the total cost of job 77.
3. Compute the amount of manufacturing overhead applied to job 79 during November.
4. What was the total amount of manufacturing overhead applied during November?
5. Compute the actual manufacturing overhead incurred during November.
6. Calculate the overapplied or underapplied overhead for November.

 

FILE: MS WORD

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