9 Dream Makers is a small manufacturer of gold and platinum jewelry it uses a jobi 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 April 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 $50 per pound indirect material) d Paid factory utility bill, $6,870, in cash e Incurred 4,000 hours and paid payroll costs of $160,000. Of this amount, 1,000 hours and $20.000 were andrect labor costs f. Incurred and paid other factory overhead costs, $6,540 g Purchased $29,000 of materials Direct materials included unpolished semiprecious stones and gold Indirect meals included supplies and polishing materials h Requisitioned $23.000 of drect materials and $2.500 of indirect materials from Materials inventory 1. Incurred miscellaneous selling and administrative expenses. $6.920 Incurred $4.450 depreciation on manufacturing equipment for April k. Paid advertising expenses in cash, $3.3251 1. 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 Apr $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 overapplied or underapplied overhead on April 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 underapplied overhead that should be prorated to Work Process Frshed Goods and Cost of Goods Sold 5 Prepare the income statement for April Complete this question by entering your answers in the tabs below