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question book fundamentals of cost accounting chapter 7 job costing southern rim par 4280964


book: Fundamentals of cost accounting

chapter 7: job costing

Southern Rim Parts estimates its manufacturing overhead to be $282,000 and its direct labor costs to be $940,000 for year 1. The first three jobs that Southern Rim worked on had actual direct labor costs of $53,000 for Job 301, $78,000 for Job 302, and $115,000 for Job 303. For the year, actual manufacturing overhead was $459,000 and total direct labor cost was $846,000. Manufacturing overhead is applied to jobs on the basis of direct labor costs using predetermined rates.

Overhead applied in each of the inventory accounts is as follows:


Prepare an entry to allocate the under- or overapplied overhead.




Work-in-process inventory



Finished goods inventory



Cost of goods sold






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