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Southern Methodist University Operations And Supply Chain Management Assignment Help - Gitano Products


Question - Gitano Products operates a job-order costing system and applies overhead cost to jobs on the basis
of direct materials used in production (not on the basis of raw materials purchased). All materials are
classified as direct materials. In computing a predetermined overhead rate at the beginning of the
year, the company’s estimates were: manufacturing overhead cost, $800,000; and direct materials to
be used in production, $500,000. The company has provided the following data in the form of an
Excel worksheet:

Required:
1. a. Compute the predetermined overhead rate for the year.
b. Compute the amount of underapplied or overapplied overhead for the year.
2. Prepare a schedule of cost of goods manufactured for the year.
3. Co ...Read More

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