Step by Step. Clear Explanation
Cost Flow Corporation uses normal costing in connection with its job costing system. Beginning and ending balances for the month of December are as follows:
Beginning Balance Dec. 1 Ending Balance Dec. 31
account Direct materials 1,200 7,600
Work in Process 5,800 8,100
Finished Goods 3,500 18,500
The following additional information is available:
a. Accounts payable account shows a credit for the month in the amount of $65,400.
b. Cost of goods manufactured for the period was $225,000.
c. The Overhead Control account shows a debit balance of $100,000 before adjustment.
d. The company uses normal costing and applies overhead at the rate of 120% of direct-labor cost.
13.
Compute the total amount of materials requisitioned into production for the period.
$________________
14.
Conversion costs for the period totaled:
$__________________
15.
Applied overhead for the period was:
$___________________
16.
Normal cost of goods sold for the period is:
$___________________
17.
Actual overhead incurred during the period was:
$_______________
18.
Indicate the mis-applied overhead for period, including BOTH the amount and direction
$_______________ ________________
Amount over or under applied
19.
Using the most theoretically correct manner based on the information given, the journal entry to dispose of under or overapplied overhead would be: