Question
1. Determine the companys predetermined overhead application rate. (Round your answer to 2 decimal places.) 2. Prepare journal entries as of March 31 to record
1. Determine the companys predetermined overhead application rate. (Round your answer to 2 decimal places.)
2. Prepare journal entries as of March 31 to record the following. (Note: Use summary entries where appropriate by combining individual job data.) (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations.)
a. The issuance of direct material to production and the direct labor incurred.
b. The manufacturing overhead incurred during the quarter.
c. The application of manufacturing overhead to production.
d. The completion of jobs no. 64 and no. 65.
e. The sale of job no. 65.
3. Determine the cost of jobs still in production as of March 31. (Round your answer to 2 decimal places.)
4. Did the finished-goods inventory increase or decrease during the first quarter? By how much? (Do not round intermediate calculations.)
5. Was manufacturing overhead under- or overapplied for the first quarter of the year? By how much? (Do not round intermediate calculations.)
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