A B D E G Comprehensive Project 1 Using Excel Boyd Corporation is a manufacturer that uses job-order costing. On January 1, 2024, the company's inventory balances were as follows: Raw Materials Inventory Work-in-Process Inventory Finished Goods Inventory $40,000 $18,000 $35,000 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, 2024, the company's predetermined overhead rate of $16.25 per direct labor-hour was based on a cost formula that estimated $650,000 of total manufacturing overhead for an estimated activity level of 40,000 direct labor-hours. Requirements: Compute the predetermined overhead allocation rate for fiscal year 2024. Use the 1. blue shaded areas for inputs. (MOH Tab) Use Excel to journalize the transactions listed in the Transactions tab for the current 2. year, 2024. (Journal Entries tab) Enter the beginning balances for the inventories in the T-accounts. Assume the rest of the accounts have beginning balances of zero. Post the journal entries to T- accounts. T-account balances will automatically calculate except for Manufacturing Overhead. You will need to calculate the appropriate balance in that account. (T- 3. Accounts tab) 4. Adjust the manufacturing overhead account. (MOH adj tab) Prepare the journal entry. b. Post to T-accounts. 5. Complete the Schedule of Cost of Goods Manufactured for 2024. 6. Complete the Cost of Goods Sold schedule for 2024. 7. Prepare income statements in good form for Boyd for 2024. a. A B C D Manufacturing Accounts 3 Accounts Receivable 4 Raw Materials Inventory 5 Work-in-Process Inventory 6 Finished Goods Inventory 7 Accounts Payable 8 Wages Payable 9 Sales Revenue 20 Manufacturing Overhead -1 Cost of Goods Sold -2 Selling & Administrative Expense 3 4 5 6 7 3 9 3 The following transactions were recorded for the year: a Rew materials were purchased on account $510,000. 3b Raw materials used in production, $480,000. All of the raw materials were used as direct materiais. The following costs were accrued for employee services: direct labor, $600,000; Indirect labor, c$150,000: selling and administrative salaries, $240,000. incurred various selling and administrative expenses (eg., advertising, sales travel costs, and inished d goods warehousing). $367 000. 3 Incurred various manufacturing overhead costs (eg,rent insurance, and utilities), $500,000. Manufacturing overhead cost was applied to production. The company actually worked 41,000 direct labor hours on all jobs during the year. Jobs costing $1,680,000 to manufacture according to their job cost sheets were completed during the 20 g year. Jobs were sold on account to customers during the year for a total of $2,800,000. The jobs cost 12h $1690,000 to manufacture according to their job cost sheets. 22 13 14 15 16 17 28 19 20 2 22 23 24 25 26 27 28 29 30 31 32 33 34 35 Instructions data Fransactions MOH Rate Solution Journal Entries : Ready Requirement 1 Compute the predetermined overhead allocation rate for Iscal year 2024. Total estimated overhead costs / Total estimated machine hours Predetermined overhead allocation rate Total estimated overhead costs Total estimated Direct-Labor hours Predetermined overhead allocation rate D Debit Credit Date Account/Explanation 51 5 (a) 6 b 20 22 23 15 16 17 28 19 (d) 20 22 22 23 (e) 24 25 26 27 28 29 30 31 Instructions data Transactions MOH Rate Solution Journal Entries Solution Ready 24 25 26 27 S 28 29 30 31 32 (9) 33 34 35 36 E 37 38 39 40 41 42 43 44 45 46 47 48
