Exercise 3-7 Applying Overhead; Cost of Goods Manufactured (LO3-3, LO3-4) The following cost data relate to...

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Exercise 3-7 Applying Overhead; Cost of Goods Manufactured (LO3-3, LO3-4) The following cost data relate to the manufacturing activities of Chang Company during the just completed year: $ 15,600 136,000 8,600 76,000 250, 700 10,600 $497,500 Manufacturing overhead costs incurred: Indirect materials Indirect labor Property taxes, factory Utilities, factory Depreciation, factory Insurance, factory Total actual manufacturing overhead costs incurred Other costs incurred: Purchases of raw materials (both direct and indirect) Direct labor cost Inventories: Raw materials, beginning Raw materials, ending Work in process, beginning Work in process, ending $ 406,000 $ 66,000 $ 20,600 $ 30,600 $ 40,600 $ 70,600 The company uses a predetermined overhead rate of $25 per machine-hour to apply overhead cost to jobs. A total of 20,300 machine-hours were used during the year. Required: 1. Compute the amount of underapplied or overapplied overhead cost for the year. 2. Prepare a schedule of cost of goods manufactured for the year. Required: 1. Compute the amount of underapplied or overapplied overhead cost for the year. 2. Prepare a schedule of cost of goods manufactured for the year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the amount of underapplied or overapplied overhead cost for the year. overhead cost < Required 1 Required 2 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a schedule of cost of goods manufactured for the year. Chang Company Schedule of Cost of Goods Manufactured Direct materials: Total raw materials available Raw materials used in production Total manufacturing costs Cost of goods manufactured < Required 1 Required 2 >

 · Answer

Cost of Goods Manufactured Schedule- Change Company    For the Year Ended    Work in Process, Beginning        $40,600.00    Direct Materials            Raw Materials Invenry, Beginning  $20,600.00          Raw Materials Purchases  $406,000.00          total Raw Materials Available for Use  $426,600.00          Less: Raw Materials Invenry, Ending  -$30,600.00          Direct Materials Used    $396,000.00        Direct Labor    $66,000.00        Applied Manufacturing Overhead: (20300*25)    $507,500.00                $969,500.00    total Manufacturing Costs        $1,010,100.00    total Cost of Work in Process        $1,050,700.00    Less: Work in Process, Ending        -$70,600.00    Cost of Goods Manufactured        $980,100.00    Part-2    Computation o Actual Overhead   Indirect Labor $136,000.00   Facry Insurance $10,600.00   Facry Machinery Depreciation $250,700.00   Facry Utilities $76,000.00   Indirect material $15,600.00   Facry Property Taxes $8,600.00   Total Actual Overhad $497,500.00       Computation of Amount of Underapplied or Overapplied Overhead   Applied Oveerhead $507,500.00   Actuall Overhead $497,500.00   Overpplied overhead $10,000.00   .

Exercise 3-7 Applying Overhead; Cost of Goods Manufactured (LO3-3, LO3-4) The following cost data relate to...

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Cost of Goods Manufactured Schedule- Change Company
For the Year Ended
Work in Process, Beginning			$40,600.00
Direct Materials
Raw Materials Invenry, Beginning	$20,600.00
Raw Materials Purchases	$406,000.00
total Raw Materials Available for Use	$426,600.00
Less: Raw Materials Invenry, Ending	-$30,600.00
Direct Materials Used		$396,000.00
Direct Labor		$66,000.00
Applied Manufacturing Overhead: (20300*25)		$507,500.00
			$969,500.00
total Manufacturing Costs			$1,010,100.00
total Cost of Work in Process			$1,050,700.00
Less: Work in Process, Ending			-$70,600.00
Cost of Goods Manufactured			$980,100.00

Computation o Actual Overhead
Indirect Labor	$136,000.00
Facry Insurance	$10,600.00
Facry Machinery Depreciation	$250,700.00
Facry Utilities	$76,000.00
Indirect material	$15,600.00
Facry Property Taxes	$8,600.00
Total Actual Overhad	$497,500.00

Computation of Amount of Underapplied or Overapplied Overhead
Applied Oveerhead	$507,500.00
Actuall Overhead	$497,500.00
Overpplied overhead	$10,000.00