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Molin Corporation is a manufacturer that uses job-order costing. The company closes out any ...

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Molin Corporation is a manufacturer that uses job-order costing. The company closes out any ...

Molin Corporation is a manufacturer that uses job-order costing. The company closes out any overapplied or underapplied overhead to Cost of Goods Sold at the end of the year. The company has supplied the following data for the just completed year:

Estimated total manufacturing overhead at the beginning of the year	$ 638,750
Estimated direct labor-hours at the beginning of the year	35,000	direct labor-hours

Results of operations:

Actual direct labor-hours	40,000	direct labor-hours
Manufacturing overhead:
Indirect labor cost	$ 166,000
Other manufacturing overhead costs incurred	$ 595,000
Cost of goods sold (unadjusted)	$ 1,570,000

Required:
a. What is the total amount of manufacturing overhead applied to production during the year?
b. Is manufacturing overhead overapplied or underapplied for the year? By how much?
c. What is the adjusted cost of goods sold for the year?

Textbook

Introduction to Managerial Accounting: Brewer Edition: 9e

Edition: 9^th

Authors: Brewer, Garrison, Noreen

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