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Problem Set : Superior Company uses job order costing to capture the costs of it's manufacturing jobs. Job 42 was in progress at the beginning of...
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Overhead costs are applied to jobs on the basis of machine hours, and predetermined overhead rate is $50 per machine hours. Job 43 is the only incomplete job at the end of November. Actual overhead for the month was $11,000.
1) Determine the cost of each job
2) Create a T - account for WIP inventory and record the job costs incurred in November. What is the ending account balance?
3) If the beginning balance in the Manufacturing Overhead account is zero, what is the balance at the end of November?
4) Is manufacturing overhead over- or under-applied at the end of November?
Above is the problem set I'm currently having trouble with. Could I get some help with the excel spreadsheet and an explanation of how you would set this up? Thank you tutors!
