Use the data below and the additional information to answer questions concerning Hytone Corporate.
Materials $75,000 $60,000
Work-in-process $43,000 $40,000
Finished Goods $18,000 ?
Accounts Payable $50,000 $40,000
Wages Payable $8,000 $5,000
-Overhead is applied at 37.5% of direct labor costs
-under/over applied overhead is closed to cost of goods sold
-Overhead was over applied by $1000.
-Actual Overhead incurred was $74,000
-Cash payment for payroll for the year was $233,000
-Indirect materials totaling $8,000 were requisitioned during the period
-Cost of goods sold after adjustments of overhead over applied equaled to $480,000
-Wages payable related to both direct and indirect labor.
-Materials purchased during period was $220,000
1. Determine the ending finished goods inventory
2. What was the cost of indirect labor?
3. What was the amount of factory overhead applied?
4. Determine total manufacturing costs incurred during 2007.
5. What was the cost of good manufactured?
The solution explains some calculations relating to job order costing