ClearDay Displays produces screens for use in various smart phones. The company reports the following information at December 31. ClearDay Displays began operations on January 31 earlier that same year.
1. What is the cost of direct materials used?
2. The cost of indirect materials used?
3. What is the cost of direct labor?
4. The cost of indirect labor?
5. What is the cost of goods manufactured?
6. What is the cost of goods sold (before adjusting for any under- or over-allocated manufacturing overhead)?
7. What is the actual manufacturing overhead?
8. How much manufacturing overhead was allocated to jobs?
9. What is the predetermined manufacturing overhead rate as a percentage of direct labor cost?
10. Is manufacturing overhead under-allocated or over-allocated? By how much?