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ABC uses job-order costing. It applies overhead cost to jobs on the basis of direct labor-hours. The following transactions took place during the year:
- $300,000 of raw materials were purchased on account
- Raw materials were issued into production: $90,000 direct materials and
$40,000 indirect materials - Labor costs incurred: $40,000 direct, $130,000 indirect, sales commissions
$50,000, administrative salaries $100,000 - Utility costs for the factory were $60,000
- Depreciation recorded was $300,000 (70% related to factory; 30% related
to administrative offices) - Manufacturing overhead of $715,000 was applied to production. Actual
direct labor-hours incurred were 22,000. - Units costing $300,000 were completed and transferred into the finished
goods inventory. - Goods with a cost of $150,000 were sold on account for $200,000.
- Closed the under/overapplied overhead for the year