1 3.33 points Jenkins Company uses a job order cost system with overhead applied to jobs on the basis of direct labor hours. The direct labor rate is $20 per hour, and the predetermined overhead rate is $15 per direct labor hour. The company worked on three jobs during April. Jobs A and B were in process at the beginning of April. Job A was completed and delivered to the customer. Job B was completed during April, but not sold. Job C was started during April, but not completed. The job cost sheets revealed the following costs for April: Book Print References Job A Cost of Jobs in Process, 4/1/2018 $11,800. Job B $1,000 Job C Direct Materials Used 1,000 7,600 8,400 Direct Labor 9,600 Applied Manufacturing Overhead 7 7,600 7 2,800 7 Required: If no other jobs were started, completed, or sold, determine the balance in each of the following accounts at the end of April a. Work in Process b. Finished Goods c Cost of Goods Sold: StorSmart Company makes plastic organizing bins. The company has the following inventory balances at the beginning and end of March: 33 ints Beginning Inventory Ending Inventory Raw materials $29,400 $26,500 Work in process 21,200 45,200 Finished goods 79,000 69,400 Priest Additional information for the month of March follows: References Raw materials purchases $41,900 Indirect naterials used 1,000 Direct labor 64,000 Manufacturing overhead applied 37,000 Selling, general, and administrative expenses Sales revenue 24,300 237,600 Required: 1. Based on the above information, prepare a cost of goods manufactured report. 2. Based on the above information, prepare an income statement for the month of March. Complete this question by entering your answers in the tabs below. Required 1 Required 2 2 Required 1 Required 2 3.33 points eBook Print References Based on the above information, prepare a cost of goods manufactured report. STORSMART COMPANY Cost of Goods Manufactured Report For the Month of March Direct Materials Used in Production Total Current Manufacturing Costs $ 0 Total Work in Process S Cost of Goods Manufactured Required Required 2 > 2 Required 1 Required 2 3.33 points Based on the above information, prepare an income statement for the month of March. STORSMART COMPANY Income Statement eBook Print For the Month of March Less: Cost of Goods Sold References Cost of Goods Sold Net Income (Loss) from Operations 3 334 points Amberjack Company is trying to decide on an allocation base to use to assign manufacturing overhead to jobs. The company has always used direct labor hours to assign manufacturing overhead to products, but it is trying to decide whether it should use a different allocation base such as direct labor dollars or machine hours. Actual and estimated data for manufacturing overhead, direct labor cost, direct labor hours, and machine hours for the most recent fiscal year are summarized here: Manufacturing overhead cost Estimated Value $ 603,000 $405,000 17,400 hours 8,400 hours Actual Value $664,000 $459,000 18,900 hours 9,400 hours eBook Pret Deferences Direct labor cost Direct labor hours Machine hours Required: 1. Based on the company's current allocation base (direct labor hours), compute the following: a. Predetermined overhead rate. (Round your answer to 2 decimal places.) b. Applied manufacturing overhead. (Round your intermediate calculations to 2 decimal places and final answer to the nearest whole dollar amount.) c. Over- or underapplied manufacturing overhead. (Round your intermediate calculations to 2 decimal places and final answer to the nearest whole dollar amount.) 2. If the company had used direct labor dollars (instead of direct labor hours) as its allocation base, compute the following: a. Predetermined overhead rate. (Round your answer to 2 decimal places, i.e. 3.63%) b. Applied manufacturing overhead. (Round your intermediate calculations to 2 decimal places and final answer to the nearest whole dollar amount.) c. Over- or underapplied manufacturing overhead. (Round your intermediate calculations to 2 decimal places and final answer to the nearest whole dollar amount.) 3. If the company had used machine hours (instead of direct labor hours) as its allocation base, compute the following: a. Predetermined overhead rate. (Round your answer to 2 decimal places.) b. Applied manufacturing overhead. (Round your intermediate calculations to 2 decimal places and final answer to the nearest whole dollar amount.) c. Over- or underapplied manufacturing overhead. (Round your intermediate calculations to 2 decimal places and final answer to the nearest whole dollar amount.) Mc 3 3.34 points Print References whole dollar amount.) c. Over- or underapplied manufacturing overhead. (Round your intermediate calculations to 2 decimal places and final answer to the nearest whole dollar amount.) 3. If the company had used machine hours (instead of direct labor hours) as its allocation base, compute the following: a. Predetermined overhead rate. (Round your answer to 2 decimal places.) b. Applied manufacturing overhead. (Round your intermediate calculations to 2 decimal places and final answer to the nearest whole dollar amount.) c. Over- or underapplied manufacturing overhead. (Round your intermediate calculations to 2 decimal places and final answer to the nearest whole dollar amount.) 4. Based on last year's data alone, which allocation base would have provided the most accurate measure for applying manufacturing overhead costs to production? 1a Predetermined Overhead Rate 1b. Applied Manufacturing Overhead 1c Manufacturing Overhead 2a Predetermined Overhead Rate 1 2b Applied Manufacturing Overhead 2c Manufacturing Overhead 3a Predetermined Overhead Rate 36. Applied Manufacturing Overhead 3c Manufacturing Overhead 4. Most accurate measure per direct labor hour % of direct labor cost per machine hour