Dina CorpUses a Job Order Cost Accounting System Actual Overhead Costs Were $55,800

question 31

Essay

Dina Corp.uses a job order cost accounting system.Four jobs were started during the current year.The following is a record of the costs incurred:
$$\begin{array} { c c c c } & \text { Material } & \text { Direct Labor } & \text { Direct Labor } \\\text { Job \#} & \text { Used } & \text { Used } & \text { Hours Used } \\\hline1010 & \$ 45,000 & \$ 72,000 & 8,000 \\1011 & 59,000 & 77,000 & 7,000 \\1012 & 35,000 & 30,000 & 3,000 \\1013 & 26,000 & 40,000 & 5,000\end{array}$$
Actual overhead costs were $55,800.The predetermined overhead allocation rate is $2.40 per direct labor hour.During the year,Jobs 1010,1012,and 1013 were completed.Also,Jobs 1010 and 1013 were sold for $387,000.Assuming that this is Dina's first year of operations:
(A.Calculate the balance in the Goods in Process Inventory,Finished Goods Inventory,and Cost of Goods Sold accounts.
(B.Does the Factory Overhead account balance indicate an over- or underapplication of overhead? Prepare the entry to close this out assuming the amount is not material.

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Definitions:

Synergistically Integrating

The process of combining multiple components or systems in a way that they work together more effectively than they would individually, resulting in a greater overall effect.

Teddlie and Tashakkori

Refers to the authors known for their work on mixed methods research, integrating quantitative and qualitative approaches.

Qualitative

Relating to, measuring, or measured by the quality of something rather than its quantity.

Quantitative

Pertains to research or data that can be measured and quantified numerically.