The following figures have been extracted from the department P of Q Ltd. Direct material used $ 20000 Direct Wages S 30000 Total overheads allocated to this department are $25000. On an order the department carried outjob no. 163. The details ofjob no. 163 are as follows: Direct material used $ 600 Direct Wages S 1200 Find out the overhead amount absorbed on job no. 163 under each of the following methods 1) Percentage on direct material cost basis. (ii) Percentage on prime cost basis.

The following figures have been extracted from the department P of Q Ltd. Direct material used $ 20000 Direct Wages S 30000 Total overheads allocated to this department are $25000. On an order the department carried outjob no. 163. The details ofjob no. 163 are as follows: Direct material used $ 600 Direct Wages S 1200 Find out the overhead amount absorbed on job no. 163 under each of the following methods 1) Percentage on direct material cost basis. (ii) Percentage on prime cost basis.

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Description: The following figures have been extracted from the department P of Q Ltd.Direct material used $ 20000Direct Wages $ 30000Total overheads allocated to this department are $25000.On an order the department carried outjob no. 163. The details ofjob no.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 8PA: Coops Stoops estimated its annual overhead to be $85,000 and based its predetermined overhead rate...

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Coops Stoops estimated its annual overhead to be $85,000 and based its predetermined overhead rate on 24,286 direct labor hours. At the end of the year, actual overhead was $90,000 and the total direct labor hours were 24,100. What is the entry to dispose of the over applied or under applied overhead?
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