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Presentation/PPT
27/08/2022
Baar Company is a manufacturing firm that uses job order costing. The company’s inventory balances were as follows at the beginning and end of the year:Raw materials-Beginning Balance: $26000-Ending Balance: $20,000Work in Process-Beginning Balance: $71,000-Ending Balance: $53,000Finished goods-Beginning Balance: $66000-Ending Balance: $81,000The company applies overhead to jobs using a predetermined overhead rate based on machine hours. At the beginning of the year, the company estimated that it would work 44,000 machine hours and incur $176,000 in manufacturing overhead costs. The following transactions were recorded for the year:Raw materials purchased $459,000Raw materials were requisitioned for use in production, $465,000($431,000 direct and $34,000 indirect)Employee costs incurred: direct labor $296,000; indirect labor $63,000; aministrative salaries $157,000Selling costs $134,000Factory utility costs $14,000Depreciation for the year was $119,000 of which $114,000 related to factory operations and $5,000 related to selling and admin activitiesManufacturing overhead was applied to all jobs. The actual level of activity for the year was 47,000 machine hoursSales totaled $1,287,000Prepare schedule of cost of goods manufactured in good formWas the overhead under-or overapplied? By how muchPrepare an income statement for the year in good form. The company closes any under-or overapplied overhead to cost of goods sold
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