Question 4: Cost of goods manufactured; overapplied or underapplied overhead; journal entries (10 Marks) Cool Cooking Tools Ltd, manufacturer of...

Question 4: Cost of goods manufactured; overapplied or underapplied overhead; journal entries (10 Marks)Cool Cooking Tools Ltd, manufacturer of gourmet cooking utensils, uses job costing. Manufacturing overhead is applied to production at a predetermined overhead rate of 150 per cent of direct labour cost. Any overapplied or underapplied manufacturing overhead is closed to cost of goods sold at the end of each month. Additional information: