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Exercise 15-5

Duggan Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are expected to total $277,640 for the year, and machine usage is estimated at 126,200 hours.

For the year, $291,977 of overhead costs are incurred and 130,300 hours are used.

(a). Compute the manufacturing overhead rate for the year. (Round answers to 2 decimal places, e.g. 1.25.)

(b) What is the amount of under- or overapplied overhead at December 31?

(c) Prepare the adjusting entry to assign the under- or overapplied overhead for the year to cost of goods sold. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Exercise 16-3

ledger of Custer Company has the following work in process account.

Work in Process—Painting

5/1 Balance 3,870 5/31 Transferred out ?

5/31 Materials 6,750

5/31 Labor 4,800

5/31 Overhead 1,570

5/31 Balance ?

Production records show that there were 440 units in the beginning inventory, 30% complete, 1,510 units started, and 1,510 units transferred out. The beginning work in process had materials cost of $2,150 and conversion costs of $1,720. The units in ending inventory were 40% complete. Materials are entered at the beginning of the painting process.

(a) How many units are in process at May 31?

Work in process, May 31

units

(b) What is the unit materials cost for May? (Round unit costs to 2 decimal places, e.g. 2.25.)

The unit materials cost for May

(c) What is the unit conversion cost for May? (Round unit costs to 2 decimal places, e.g. 2.25.)...