Author Question: The following account balances at the beginning of January were selected from the general ledger of ... (Read 23 times)

audie · **on:** Jan 4, 2020

The following account balances at the beginning of January were selected from the general ledger of Logan Industries:

Work in process inventory

$0

Raw materials inventory

$29,500

Finished goods inventory

$51,200

Additional data:

1)	Actual manufacturing overhead for January amounted to $78,200.

2)	Total direct labour cost for January was $72,000; actual direct labour hours for January were

3,600.

3)	The predetermined manufacturing overhead rate is based on direct labour hours. The budget

for the year called for $325,000 of direct labour cost and $410,400 of manufacturing overhead costs. Estimated direct labour hours for the year were expected to be 15,200.

4)	The only job unfinished on January 31 was Job No. 619, for which total direct labour charges

were $18,000 (900 direct labour hours) and total direct material charges were $15,700.

5)	Cost of direct materials placed in production during January totaled $125,000.

6)	January 31 balance in raw materials inventory was $32,000.

7)	Finished goods inventory balance on January 31 was $42,300.

Required:

A)	Determine the predetermined manufacturing overhead rate.

B)	Determine the amount of materials purchased during January.

C)	Determine cost of goods manufactured for January.

D)	Determine the work in process inventory balance on January 31.

E)	Determine cost of goods sold for January.

F)	Determine whether manufacturing overhead is overallocated or underallocated and by what

amount at Jan. 31.

joneynes · **Reply #1 on:** Jan 4, 2020

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