Management Accouting

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Determining the overhead application rate of Finlon Upholstery Inc. The rate a company applies during an estimation of its total overheads is described as Overhead application rate (Kaplan, 2015). The materials used is the best way in our case to determine the absorption rate, giving the following results
Direct material used
5,600,000
Total overheads
17664000
Overhed Abs. rate
3.154286
This table explains that the absorption rate is $ 3.154286, and that the rate has been applied across various overheads to estimate the total overhead.
Additions to work In Progress inventory account
Work in Progress

Work in Progress at the beginning of the year

156,800

Direct materials used during the year

5,600,000

Indirect materials used

65000

Unsold job during the year

156,000

Additions to the work in progress

5,665,800

From the above table, it is clear that the value of the additions made to the work in progress was 5,665,800

Calculation of Finished Goods Inventory

Direct Materials

5600000

Direct Labour

4350000

Indirect materials

65000

Indirect Labour

2860000

Finished goods inventory

12875000

The above figure is gotten by adding direct materials, and direct labor

Determination of over/ Under Applied Overhead rate

Budgeted Labour overheads

4,200,000

Actual Labour Overheads

4,350,000

Over/Under applied

-150,000

From the table above its clear that the overhead rate is 150,000 on the negative side

The selling and administration expenses should not be included in the cost of goods sold category. This is because cost of goods is the cost at which the Company acquired its materials from suppliers and as such does not include operating and general expenses (Garrison, 2014).

References

Garrison, R. H. (2014). Managerial accounting. New York: McGraw-Hill/Irwin.

Kaplan, R. S. (2015). Advanced management accounting. PHI Learning.

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