Complete the following Week 4 Assignment in WileyPLUS:
Exercise 15-5
Exercise 16-3
Exercise 17-1
Exercise 15-5
Ikerd Company applies manufacturing overhead to jobs on the basis
of machine hours used. Overhead costs are expected to total $300,000
for the year, and machine usage is estimated at 125,000 hours.
For the year, $322,000 of overhead costs are incurred and 130,000
hours are used.
Compute the manufacturing overhead rate for the year
What is the amount of under- or overapplied overhead at December
31?
Prepare the adjusting entry to assign the under- or overapplied
overhead for the year to cost of goods sold.
Exercise 16-3
The ledger of American Company has the following work in process
account.
Production records show that there were 400 units in the beginning
inventory, 30% complete, 1,600 units started, and 1,700 units
transferred out. The beginning work in process had materials cost of
$2,040 and conversion costs of $1,550. The units in ending inventory
were 40% complete. Materials are entered at the beginning of the
painting process.
How many units are in process at May 31?