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problem: The following calendar year data about the Acme Corporation is available on December 31;

Advertising expense

$28,800

Depreciation of factory equipment

43,320

Depreciation of office equipment

10,800

Direct labor

142,600

Factory utilities

35,650

Interest expense

6,650

Inventories, January 1:

 

Raw materials

3,450

Goods in process

17,250

Finished goods

35,650

Inventories, December 31:

 

Raw materials

2,300

Goods in process

20,700

Finished goods

31,050

Raw materials purchases

132,450

Rent on factory building

41,400

Indirect labor

51,750

Sales commissions

16,500

The company applies overhead on the basis of 125% of direct labor costs.

[A] Compute the amount of over or under-applied overhead.

[B] Determine the significance of this over- or under-applied amount of overhead?

Cost Accounting, Accounting

  • Category:- Cost Accounting
  • Reference No.:- M922582

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