Mannagerial Accounting

| September 29, 2018

Finlon Upholstery, Inc. uses a job-order costing system to accumulate manufacturing costs. The company’swork-in-process on December 31, 20×1, consisted of one job (no. 2077), which was carried onthe year-end balance sheet at $156,800. There was no finished-goods inventory on this date.Finlon applies manufacturing overhead to production on the basis of direct-labor cost. (Thebudgeted direct-labor cost is the company’s practical capacity, in terms of direct-labor hours,multiplied by the budgeted direct-labor rate.) Budgeted totals for 20×2 for direct labor and manufacturingoverhead are $4,200,000 and $5,460,000, respectively. Actual results for the yearfollow.

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