10 9 points Dream Makers is a small manufacturer of gold and platinum jewelry it uses a job costing system that applies overhead on the basis of direct labor hours Budgeted factory overhead for the year was $551,000, and management budgeted 38.000 direct labor hours. The company had no Materials. Work-in-Process, or Finished Goods Inventory at the beginning of April. These transactions were recorded during Apri a April insurance cost for the manufacturing property and equipment was $2.250 The premium had been paid in January b. Recorded $1.340 depreciation on an administrative asset c. Purchased 21 pounds of high-grade polishing materials at $16 per pound indirect materiais) d. Paid factory utility bill, 56.870, in cash e Incurred 4,000 hours and paid payroll costs of $360,000 of this amount, 1.000 hours and $20,000 were indirect labor costs Incurred and paid other factory overhead costs, $6,540 o Purchased $29.000 of materials Direct materials included unpolished semiprecious stones and gold indirect materials included supplies and polishing materials h. Requisitioned $23,000 of direct materials and $2.500 of indeect materials from Materials Inventory Incurred miscellaneous selling and administrative expenses, $0.920 Incured $4.450 depreciation on manufacturing equipment for Apri Paid advertising expenses in cash $3.325 Applied factory overhead to production on the basis of direct labor hours m. Completed goods costing $68,500 during the month n. Made sales on account in Apri, $68,300 The Cost of Goods Sold was $55.420 Required: 1 Compute the firm's predetermined factory overhead rate for the year 2. Prepare journal entries to record the April events 3 Calculate the amount of overapphed or underapplied overhead on Apr 30 4 Prepare a schedule of Cost of Goods Manufactured and a schedule of Cost of Goods Sold 5 Compute the amount of overapplied or underappled overhead that should be piorated to Work in Process, Feished Goods and Cost of Goods Sold 5. Prepare the income statement for Apel O Answer is not complete. Complete this question by enterbay your answers in the tabs below