Tb mc qu. 4-58 randall company manufactures products to randall company manufactures products to customer specifications. a job costing system is used to accumulate production costs. factory overhead cost was applied at 125% of direct labor cost. selected data concerning the past year's operation of the company are presented below. january 1 december 31 direct materials $ 80,000 $ 43,000 work in process 69,000 45,000 finished goods 118,000 103,000 other information direct materials purchases $ 327,000 cost of goods available for sale 956,000 actual factory overhead costs 263,000 the cost of goods manufactured during the year is:

Harwood company uses a job-order costing system that applies overhead cost to jobs on the basis of machine-hours. the company's predetermined overhead rate of $2.50 per machine-hour was based on a cost formula that estimates $240,000 of total manufacturing overhead for an estimated activity level of 96,000 machine-hours. required: 1. assume that during the year the company works only 91,000 machine-hours and incurs the following costs in the manufacturing overhead and work in process accounts: compute the amount of overhead cost that would be applied to work in process for the year and make the entry in your t-accounts. 2a. compute the amount of underapplied or overapplied overhead for the year and show the balance in your manufacturing overhead t-account. 2b. prepare a journal entry to close the company's underapplied or overapplied overhead to cost of goods sold.