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Home Q & A Board Other Fields Homework Help Business Accounting
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jerico jerico
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9 years ago
Schulz Corporation applies overhead based upon machine-hours. Budgeted factory overhead was $266,400 and budgeted machine-hours were 18,500. Actual factory overhead was $287,920 and actual machine-hours were 19,050. Before disposition of under/overapplied overhead, the cost of goods sold was $560,000 and ending inventories were as follows:

   Direct materials   $ 60,000
   WIP   190,000
   Finished goods   250,000
   Total   $500,000

Required:
a.   Determine the budgeted factory overhead rate per machine-hour.
b.   Compute the over/underapplied overhead.
c.   Prepare the journal entry to dispose of the variance using the write-off to cost of goods sold approach.
d.   Prepare the journal entry to dispose of the variance using the proration approach.
Textbook 
Cost Accounting

Cost Accounting


Edition: 14th
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cyborgcyborg
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9 years ago
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jerico Author
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#2
9 years ago
I can confidently say that it looks and sounds right lol Thank you Slight Smile Give this man a thumbs up.
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#3
9 years ago
Cool! No problem.
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