Assignment Task: Job Costing and Overhead Application
Uniflex applies overhead on the basis of direct labor cost. In December 20X4, the company's cost accountant made the following predictions for 20X5 operations: direct labor cost, $620,000; factory overhead, $961,000.
Uniflex worked on job Nos. 241 and 242 in January. The costs incurred and production status of these two jobs appears in the table that follows.
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Job No. 241
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Job No. 242
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Direct materials
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$29,000
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$47,000
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Direct labor
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$18,000
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$28,500
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|
Production status
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In process
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In process
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By the end of 20X5, actual direct labor cost amounted to $612,500, and factory overhead incurred totaled $907,500. There was no work in process on January 1, 20X5.
Compute the following:
1) Uniflex's overhead application rate.
2) The balance of the Work in Process account on January 31, 20X5.
3) The amount of over- or underapplied overhead for 20X5. Be sure to indicate whether overhead was over applied or underapplied.
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Attachment:- Job Costing And Overhead Application.rar