Reference no: EM132594378
Question - Garrison, Inc., which uses a job-costing system, began business on January 1, 20x3 and applies manufacturing overhead on the basis of direct-labor cost. The following information relates to 20x3:
Budgeted direct labor and manufacturing overhead were anticipated to be $330,000 and $412,500, respectively.
Job nos. 1, 2, and 3 were begun during the year and had the following charges for direct material and direct labor:
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Job No.
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Direct Materials
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Direct Labor
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1.
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$158,000
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$48,000
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2
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333,000
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78,000
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3
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68,000
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93,000
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Job nos. 1 and 2 were completed and sold on account to customers at a profit of 60% of cost. Job no. 3 remained in production.
Actual manufacturing overhead by year-end totaled $280,000. Garrison adjusts all under- and overapplied overhead to cost of goods sold.
Required -
A. Compute the company's predetermined overhead application rate.
B. Compute Garrison's ending work-in-process inventory.
C. Determine Garrison's sales revenue.
D. Was manufacturing overhead under- or overapplied during 20x3? By how much?
E. Present the necessary journal entry to handle under- or overapplied manufacturing overhead at year-end.
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