1. Use your plan of action to solve each problem found in Appendix A, clearly outlining the procedures used, providing a concise explanation of each step, labeling relevant formulas, and showing worked out calculations and complete solutions. You may use a calculator or Excel spreadsheet to help perform the necessary calculations, but all corresponding work must be shown completely. 2. Answer all questions posed in the problem; if applicable, analyze and evaluate your results and provide a contextual explanation of the solutions you obtained. 3. Review your calculations and solutions and make sure that an external viewer would be able to follow your methodology and make sense of your calculations and corresponding explanations. Make certain that you have completed all steps of each problem. Problem #2: Job Costing Auto Machinery makes automobile production equipment and uses normal costing. Overhead is applied on the basis of $12 per machine hour. The following information relates to the August jobs: Job 22 Job 33 Job 44 Materials used $40,000 $ 74,000 $43,000 Direct labor $96,000 $117,000 $84,000 Machine Hours 9,200 7,700 6,400 Final Assessment: Outline and Rubric 5 Accounting for Managerial Decisions Final Assessment: Outline and Rubric Jobs 22 and 33 were completed and sold, but Job 44 remained in inventory at the end of August. For August, actual overhead incurred totaled $274,000 Required: 1. Compute the amount of overhead to be applied to each job, 2. Compute Cost of Goods Sold for August and ending WIP Inventory at August 31. 3. Compute the amount of over or underapplied overhead for August 4. Assume that revenue for Jobs 22 and 33 amounted to $1,090,000, selling expenses totaled $218,000, general and administrative expenses were equal to 598,000, and over or underapplied overhead is immaterial. Using this information, prepare an income statement for the manufacturer for August