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Dobson Manufacturing Company uses a job order cost system with manufacturing overhead applied to products
on the basis of direct labor dollars. At the beginning of the most recent period, the company estimated its
total direct labor cost to be $50,100 and its total manufacturing overhead cost to be $85,170.
Several incomplete general ledger accounts showing the transactions that occurred during the
most recent accounting period follow:
Required:
1.
Calculate the predetermined overhead rate.
Predetermined Overhead Rate
% of Direct Labor Cost
2.
Fill in the missing values in the T-accounts.
Raw Materials Inventory
Beginning Balance
14300
Purchases
93400
Ending Balance
29900
Work in Process Inventory
28500
Direct Materials
68900
Direct labor
40100
Applied Overhead
18600
Finished Goods Inventory
41600
Cost of Goods Completed
49500
Cost of Goods Sold
Unadjusted Cost of Goods Sold
Adjusted Cost of Goods Sold
Sales Revenue
318,000
Manufacturing Overhead
Indirect Materials
8900
Indirect Labor
13600
Factory Depreciation
11700
Factory Rent
5300
Factory Utilities
1800
Other Factory costs
9000
Actual Overhead
50300
Selling, General, Administrative Expenses
Adm. Salaries
26400
Office Deprecation
18100
Advertising
14800
59300
3.
Compute over- or underapplied overhead.
4.
Prepare a statement of cost of goods manufactured and sold including the adjustment for over-
or underapplied overhead.
Dodson Manufacturing Company
Cost of Goods Manufactured Report and sold
Direct Materials Used in Production
Total Current Manufacturing Costs
Total Work in Process
Cost of Goods Manufactured
Cost of Goods Available for Sale
5.
Prepare a brief income statement for the company.
Income Statement
Net Income from Operations
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