Question Details

Bisson Inc uses a job order costing system



1.	Bisson Inc uses a job order costing system. Manufacturing overhead is applied on the basis of direct labor cost. Total manufacturing overhead was estimated to be $150,000 for the year; direct labor was estimated to total $300,000.
  
	1/1	12/31
Raw materials inventory	$20,000	$26,000
Work in process inventory	$44,000	$38,000
Finished goods inventory	$68,000	$82,000
The following transactions have occurred during the year.		
Raw materials purchases		$200,000
Direct materials used		$182,000
Direct labor		$290,000
Indirect materials used		$12,000
Indirect labor		$30,000
Factory equipment depreciation		$48,000
Factory rent		$36,000
Factory utilities		$15,000
Other factory costs		$13,000

a. Calculate the predetermined overhead rate
b. Calculate cost of goods manufactured
c. Calculate the over- or underapplied overhead
d. Calculate adjusted cost of goods sold 




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