Carston Inc.
Work in process inventory for Carston Inc. at the beginning of the year was a single Job
| Job # |
Materials |
Labor |
Overhead |
Total |
| T114 |
31500 |
16250 |
28750 |
76500 |
The company's budgeted costs for the year are as follows:
| Budgeted overhead |
|
| Variable |
|
| Indirect materials |
68000 |
| Indirect labor |
56000 |
| Employee benefits |
28000 |
| Fixed |
|
| Supervision |
13000 |
| Depreciation |
15000 |
| Total |
180000 |
| Budgeted direct labor dollars |
90000 |
| Rate per direct labor dollar |
200.00% |
The company's actual costs incurred during the year are as follows:
| Job # |
Materials |
Incurred by Jobs |
Total |
| |
|
Labor |
Other |
|
| T114 |
2000 |
10000 |
$ - |
12000 |
| T119 |
24000 |
18000 |
- |
42000 |
| T133 |
8000 |
34000 |
- |
42000 |
| T136 |
1000 |
16000 |
- |
17000 |
| |
35000 |
78000 |
|
113000 |
| Overhead |
|
|
|
|
| Indirect materials |
60000 |
- |
- |
60000 |
| and supplies |
|
|
|
|
| Indirect labor |
- |
50000 |
- |
50000 |
| Employee benefits |
- |
- |
33000 |
33000 |
| Depreciation |
- |
- |
15000 |
15000 |
| Supervision |
- |
12000 |
- |
12000 |
| Total |
60000 |
62000 |
48000 |
170000 |
What was the actual factory overhead for Carston Inc. for they year?
What was overapplied or underapplied overhead for the year? JobT114 was the only job completed and is the cost of goods sold for this job?
What was the amount of work-in-process