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ruskin ruskin
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6 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/overallocated overhead, the following information was available:

   Account   Overhead
    Balance   Allocated
Direct materials   $60,000   $nil
WIP   $190,000   $66,500
Finished goods   $250,000   $75,000
Cost of goods sold   $560,000   $184,800

Required:
a.   Determine the budgeted factory overhead rate per machine-hour.
b.   Compute the over/underallocated overhead.
c.   Prepare the journal entry to dispose of the variance using the write-off to cost of goods sold approach. The corporation uses Manufacturing Overhead Allocated and Manufacturing Overhead control accounts.
d.   Prepare the journal entry to dispose of the variance using the proration approach.
e.   Identify three value chain categories and provide an example for each on how Klink Corporation could reduce its indirect costs.
Textbook 
Cost Accounting: A Managerial Emphasis, Canadian Edition

Cost Accounting: A Managerial Emphasis, Canadian Edition


Edition: 7th
Authors:
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MunihasenMunihasen
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6 years ago
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