Complete the following exercise.

In December 20X2, the Cardoso Company established its predetermined overhead rate for jobs produced during the year 20X3 by using the following cost predictions:

  • Overhead costs: $750,000
  • Direct labor costs: $625,000.

At year-end 20X3, the company’s records show that actual overhead costs for the year were $830,000. Actual direct labor cost had been assigned to jobs as follows:

Jobs completed and sold…………………..   $513,750

Jobs in goods in progress inventory………    $ 68,500

Jobs in finished goods inventory…………     $102,750

Total actual direct labor costs……………       $685,000

Required:

  1. Using the information above, determine the pre-determined overhead rate for the year 20X3.
  2. Determine when the overhead is over applied or under applied, the amount during the year, and prepare the adjusting entry to allocate any over or under applied overhead the cost of goods sold.
  3. Create a report between 200 and 300 words in length for leadership. The topic is the state of this company. Where do you see a problem regarding the company? Make some suggestions if there are areas you feel need to be further investigated.

 

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