ACTE 610: Managerial and Cost Accounting - Accounting Assignment Help

Assignment Task:

Task:
Name ID
Ahmad's Corporation had the following transactions during its first month of operations:
1.Purchased raw materials on account, $85,000.
2.Raw Materials of $30,000 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $6,000 was classified as indirect materials.
3.Factory labor costs incurred were $100,000 of which time tickets indicated that $84,000 was direct labor and $16,000 was indirect labor.
5.Other overhead costs incurred on account were $112,000.
6.Manufacturing overhead was applied at the rate of 150% of direct labor cost.
7.Goods costing $115,000 are still incomplete at the end of the month; the other goods were completed and transferred to finished goods.
8. Finished goods costing $100,000 to manufacture were sold on account for $130,000
Required: Note,
1) what was the overapplied or underapplied overhead for the year.
2) Calculate the costs on the job cost sheets for finished ending inventory.

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