Samer Corp

question 1

Essay

Samer Corp. uses a job order cost accounting system. The following is selected information pertaining to costs applied to jobs during the year:
Jobs still in process at the end of the year:
$167,000, which includes $65,000 direct labor costs.
Jobs finished and sold during the year:
$395,000, which includes $172,000 direct labor costs.
Jobs finished but unsold at end of the year:
$103,000, which includes $38,000 direct labor costs.
Samer Corp.'s predetermined overhead allocation rate is 60% of direct labor cost. At the end of the year, the company's records show that $189,000 of factory overhead has been incurred. (a) Determine the amount of overapplied or underapplied overhead.
(b) Prepare the necessary journal entry to close the Factory Overhead account assuming that any remaining balance is not material.

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Definitions:

Social Ability

The skill to interact and communicate effectively with others in social settings.

Bronfenbrenner

Urie Bronfenbrenner developed the Ecological Systems Theory to explain how the inherent qualities of a child and the characteristics of the external environment which the child finds himself in interact to influence how the child will grow and develop.

Bioecological Model

A theoretical model proposing that an individual's development is influenced by the complex interrelations among various personal and environmental factors.

Mesosystem

A term from Bronfenbrenner's ecological systems theory referring to the interconnections between the microsystems in a person's life.