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During 2013, DougCo expected Job No. 26 to cost $490,000 of materials, $400,000 in direct labor...

During 2013, DougCo expected Job No. 26 to cost $490,000 of materials, $400,000 in direct labor labor and overhead of $600,000 at its normal predetermined overhead rate. DougCo applies overhead based on direct labor cost. Actual costs relating to Job No. 26 were $280,000 in overhead, $535,000 in materials used, and $210,000 in direct labor. All of the goods were completed. What amount was transferred to Finished Goods?

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Answer #1
Particulars Amount
Direct material          5,35,000
Direct labor          2,10,000
Overhead applied          3,15,000
Cost of finished goods        10,60,000
Overhead applied
a Estimated overhead          6,00,000
b Direct labor cost          4,00,000
c=a/b Overhead rate 1.5
d Actual direct labor          2,10,000
e= c*d Applied overhead          3,15,000
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