Curtis 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 $75,000 for the year;direct labor was estimated to total $150,000.
The following transactions have occurred during the year.
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.
Definitions:
Incremental Cash Inflow
Additional cash received as a result of undertaking an investment or project.
Net 30 Credit Policy
A payment term that indicates that the payment for goods or services is due 30 days from the invoice date.
Monthly Interest Rate
The interest rate applied to a loan or debt for a one-month period.
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