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Simple Plant produces DNA test strips. Manufacturing overhead is applied to units produced by using direct labor dollars as allocation base. Overhead rate is computed prior to beginning of fiscal year which runs January 1 to December 31. Simple Plant has one manufacturing employee, J. Kusic, and one overhead expense besides indirect labor, property taxes. J. Kusic's salary and fringe benefits for next year are predict to be $50,000> Kusc is expected to work 2,000 hours at cost of $25 per hour (50,000/2,000). 80 % of Kusic's time is budgeted to be direct labor, and remainder is budgeted to be indirect labor. Property taxes are projected to be $110,000. There was no beginning balance of work in process on January 1.

a) Compute Simple Pant's overhead rate for next year.

b) On January 2, first working day of new fiscal year, Kusic works eight hours (five hours on mnufacturing test strips and three hours waiting for raw materials to arrive). Each day Simple Plant posts all entries (transactions ) to accounts. prepare down the balances in Overhead account and Work-in-Process account at close of business on January 2?

c) At the end of year, Kusic's salary and benefits are &50,000, with $44,000 of total charged to test strips manufactured. Kusic worded 2,000 hours in the year. Property taxes paid in the year amounted to $103,000. What, if any, is balance in overhead account before adjusting entry is made to transfer balance to other accounts?

Business Management, Management Studies

  • Category:- Business Management
  • Reference No.:- M930903

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