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1. ARGOSY B6021 Module 2 Assignment 2
Manufacturing Overhead NEW
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B6021 Module 2 Assignment 2 Manufacturing
Overhead NEW
Finlon Upholstery Inc. uses a job-order costing system
to accumulate manufacturing costs. The company's
work-in-process on December 31, 2001, consisted of
one job (no. 2077), which was carried on the year-end
balance sheet at $156,800. There was no finished-
goods inventory on this date.
Finlon applies manufacturing overhead to production
on the basis of direct-labor cost. (The budgeted direct-
labor cost is the company's practical capacity, in
terms

2. of direct-labor hours multiplied by the budgeted
direct-labor rate.) Budgeted totals for 2002 for direct
labor and manufacturing overhead are $4,200,000 and
$5,460,000, respectively. Actual results for the year
are as follows:
Actual Results
Direct Materials Used
$5,600,000.00
Direct Labor
$4,350,000.00

3. Indirect Material Used
$65,000.00
Indirect Labor
$2,860,000.00
Factory Depreciation
$1,740,000.00
Factory Insurance
$59,000.00
Factory Utilities

4. $830,000.00
Selling and Administrative Expenses
$2,160,000.00
Total
$17,664,000.00
Job No. 2077 was completed in January 2002 and
there was no work in process at year-end. All jobs
produced during 2002 were sold with the exception of
Job No. 2143, which contained direct-material costs of
$156,000 and direct-labor charges of $85,000. The

5. company charges any under- or over-applied
overhead to the cost of goods sold category.
Using the above information, do the following:
Calculate the company's predetermined overhead
application rate.
Calculate the additions to the work-in-process
inventory account for the direct material used, direct
labor, and manufacturing overhead.
Calculate the finished-goods inventory for the
12/31/01 balance sheet.
Calculate the over-applied or under-applied overhead
at year-end.
Explain if it is appropriate to include selling and
administrative expenses in the cost of goods sold
category.
Perform your calculations in an Excel spreadsheet and
copy the calculations into a Word document. Your
final

6. product should be a 1-page paper in Word format.
Apply APA standards to citation of sources.

7. product should be a 1-page paper in Word format.
Apply APA standards to citation of sources.