Assume the following information relates to the Q Company for the Month of May:Job No. 306Job No. 307Job No. 308

Give the entry to assign overhead to production for a given period,
August 30, 2020
What is the cost of materials available for use assuming the followin
August 30, 2020

Assume the following information relates to the Q Company for the Month of May:Job No. 306Job No. 307Job No. 308

In process – May 1:

Materials

$30,000

$15,000

$0

Labor

45,000

30,000

0

Overhead

67,500

45,000

0

Costs added in May:

Materials

7,500

30,000

30,000

Labor

30,000

30,000

60,000

Overhead

?

?

?

Actual overhead costs incurred in May amounted to $172,500. Job Nos. 306 and 307 were completed and transferred out in May. Overhead is applied using a predetermined overhead rate. From the above data compute:

a.

The cost of the May 1 work in process inventory

$232,500

b.

The total amount of overhead assigned to production in May assuming no change in the overhead rate employed. ?

c.

The cost of Job No. 306 when completed.?

d.

The cost of the goods completed and transferred.?

e.

The cost of the May 30 work in process inventory.?

In reference to the preceding problem, the balance in the Manufacturing Overhead account is $__________, and overhead is __________ (overapplied / underapplied).

 
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