Accounting

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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 $302,400 for the year, and machine usage is estimated at 126,000 hours.

For the year, $321,462 of overhead costs are incurred and 131,700 hours are used.

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

Manufacturing overhead rate   $[removed]  per machine hour

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

Manufacturing Overhead   $[removed] [removed]

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(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.)

Account Titles and Explanation
Debit
Credit
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]

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Exercise 16-3
The 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  5,880       
5/31  Labor  4,080       
5/31  Overhead  2,240       
5/31  Balance  ?      

Production records show that there were 470 units in the beginning
inventory, 30% complete, 1,570 units started, and 1,430 units transferred out. The beginning work in process had materials cost of $2,220 and conversion costs of $1,650. The units in ending inventory were 40% complete. Materials are entered at the beginning of the painting process.

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(a), (b) and (c)
(a) How many units are in process at May 31?

Work in process, May 31  
[removed]
 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  
$
[removed]

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

The unit conversion cost for May  
$
[removed]

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(d) and (e)
(d) What is the
total cost of units transferred out in May?
(Round answer to 0 decimal places, e.g. 1,225.)

The total cost of units transferred out in May  
$
[removed]

(e) What is the cost of the May 31 inventory?
(Round answer to 0 decimal places, e.g. 1,225.)

Work in process  
$
[removed]

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