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