Answered Essay: Kimberlee Corporation manufactures custom cabinets for kitchens. It uses a normal costing system with tw

TI4-4 (similar to) Question Help Kimberlee Corporation manufactures custom cabinets for kitchens. It uses a normal costing system with two direct cost categories-direct materials and direct manufacturing labor-and one indirect-cost pool manufacturing overhead costs. It provides the following information about manufacturing overhead costs for 2017 The following information is available as of December 31, 2017 (Click the icon to view the information. Requirement Calculate the underallocated or overallocated manufacturing overhead at the end of 2017 and prorate it to Work-in-Process Control, Finished Goods Control, and Cost of Goods Sold accounts based on the allocated manufacturing overhead in each account balance using normal costing Click the icon to view the manufacturing overhead cost information for 2017.) Begin by calculating the budgeted indirect cost rate. Identify the formula and then calculate the rate. (Assume the cost allocation base is direct labor hours.) Budgeted indirect cost rate = Data Table 1,260,000 Budgeted manufacturing overhead costs Budgeted direct manufacturing labor hours Actual manufacturing overhead costs Actual direct manufacturing labor-hours 36,000 hours 1,260,000 28,000 hours Print Done Data Table Manufacturing Overhead in Each Account Balance Account Balance Allocated in the (Before Proration) Crrent Year (Before Proration) Account Work-in-process control $ Finished goods control Cost of goods sold 36,000 61,000 2,000,000 2,097,000 32,760 93,240 1,134,000 1,260,000 Print Done

Kimberlee Corporation manufactures custom cabinets for kitchens. It uses a normal costing system with two direct cost categories-direct materials and direct manufacturing labor-and one indirect-cost pool manufacturing overhead costs. It provides the following information about manufacturing overhead costs for 2017. The following information is available as of December 31, 2017. Requirement Calculate the underallocated or overallocated manufacturing overhead at the end of 2017 and prorate it to Work-in-Process Control, Finished Goods Control, and Cost of Goods Sold accounts based on the allocated manufacturing overhead in each account balance using normal costing. Begin by calculating the budgeted indirect cost rate. Identify the formula and then calculate the rate. (Assume the cost allocation base is direct labor hours.) Budgeted indirect cost rate =

Expert Answer

 

Budgeted manufacturing overhead/Budgeted Direct Manufacturing labor hrs =budgeted indirect cost rate
1,260,000                                            /      36,000                                                         = 35
Actual manufacturing overhead costs = 1,260,000
Applied overhead (28,000hrs *35) 980000
underapplied overhead 280,000
rate in which the under applied overhead is to be allocated
% amount Allocated
to allocated amount
work in process control 32,760 3% 280,000 8400
finished goods control 93,240 7% 19600
cost of goods sold 1,134,000 90% 252000
total 1,260,000 100% 280000
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