following tr atsisctiant wive recoicded to thib yout - Pave mitininis irtie putchitsta $315,50 5172050 - Sietline costs, 5147050 - Factory utility cosits, $10,050 - Deprecietion for the yoer whs $130.000 of which 5120500 is related to factory operations arhd 59 ood is related to seling oeneral, and adripiletrative actlvities. - Manufacturing overthebd was applied to jobs. The actuat levet of activity for the year was 34 oto imachine-hours. - Setes for the yoer totnited 51,255,000. A. Prepare a schedule of cost of goods manufactured. Hint: You wilh have Mhaterials Used in Production ANO indirect Materiais Reguired: Used. Meke sure you remember both when doing this schedule. b. Was the overhead underapplied or overapglied? By how much? c. Prepare an income statemert for the yeat. The company closes any underapplied or overapplied overhead to Cost of Goods Sald. MiNT. Leave 2 blank lines under the ekpenses section description (first column). Please remember this when you are antering your answers! The next to the last line's last column should be a total cost for expenses with NO description. Hope this helpt (deget) Complete thils question by entering your nhtwers lin the table belowe. Acenasw w erhmatuile of cost of opode mbpufectured. Required: a. Prepore a scheduite of cost of goods manufoctured. Hint: You will have Materlaks Used in Prothetion ANO indirect Materiaks. Used. Make sure you remember both when doing this schedule. b. Was the overhead underapplied or overapplied? by how much? c. Prepare an income atatement for the yeat. The company closes any underapplied or overapplied overhead to Cont at Goods Sold. HINT: Leeve 2 blenk lines under the expenses section description (first column). Please remember this when your are entwing your answers! The next to the last line's last column should be a total cost for expenses with NO description. Hope this halpo (dgd) Complete this question by entering your answers in the table below. Was the overhead underapplied or overapplied? By how much? Complete this question by entering your answers in the table below. Prepare an income statement for the year. The company closes any underapplied or overapplied overhead to Cost of Goods Sold. 1. Compute the ending balance in Materials Inventory and Work in Process Inventory as of December 31, 2021. (Please note the Year!) 2. Without preparing a schedule or preparing any computations, what is the Cost of Goods Manufactured for December 31, 2021? (You should be able to do this in your head!) 3. Compute the Predetermined Overhead Rate for 2022. 4. Prepare, in good form, a fully complete Schedule of Cost of Goods Manufactured for 2022. Post Company uses a normal job-order costing system in its only production department. Overhead is applied to jobs by a plant-wide overhead rate based on direct labor hours. The first year of operation began on December 1, 2021. During the month of December, Post purchased direct material with a total cost of $4,000. Of the $4,000, Post used $500 on Job 50 . Job 50 was the only job worked during the month of December. Post also charged $2,000 in conversion costs (direct labor and applied overhead) to Job 50 in December. JOB 50 WAS NOT FINISHED IN DECEMBER 2021. There was no overapplied or underapplied overhead for December. For the new year (1/1/2022-12/31/2022), Post had the following transactions occur. Remember to take into consideration the above information when setting up your problem. 1. Estimations for 2022 include $420,000 in overhead and 30,000 direct labor hours. 2. Direct materials purchased during 2022 cost a total of $84.000. 3. Direct materials were used on jobs during 2022 as foll 4. During 2022 there were 4,845 direct labor hours used on Job 50; 6,900 direct labor hours used on Job 51; 9,750 direct labor hours on Job 52; 5,850 direct labor hours on Job 53 and 2,916 direct labor hours on Job 54 . The direct labor hours used during 2022 had a rate of $15.00 per hour. (CAREFUL WITH CALCULATIONS!) 6. By December 31, 2022, Jobs s0 and s1 were compietea. Jod su consisted or 5,950 and jod 5 consisted of 21,250 units. 7. All of Job 51 was sold during 2022 for $44 per unit. In addition, Post sold 5,000 of the 5,936 units for $80 per unit. following tr atsisctiant wive recoicded to thib yout - Pave mitininis irtie putchitsta $315,50 5172050 - Sietline costs, 5147050 - Factory utility cosits, $10,050 - Deprecietion for the yoer whs $130.000 of which 5120500 is related to factory operations arhd 59 ood is related to seling oeneral, and adripiletrative actlvities. - Manufacturing overthebd was applied to jobs. The actuat levet of activity for the year was 34 oto imachine-hours. - Setes for the yoer totnited 51,255,000. A. Prepare a schedule of cost of goods manufactured. Hint: You wilh have Mhaterials Used in Production ANO indirect Materiais Reguired: Used. Meke sure you remember both when doing this schedule. b. Was the overhead underapplied or overapglied? By how much? c. Prepare an income statemert for the yeat. The company closes any underapplied or overapplied overhead to Cost of Goods Sald. MiNT. Leave 2 blank lines under the ekpenses section description (first column). Please remember this when you are antering your answers! The next to the last line's last column should be a total cost for expenses with NO description. Hope this helpt (deget) Complete thils question by entering your nhtwers lin the table belowe. Acenasw w erhmatuile of cost of opode mbpufectured. Required: a. Prepore a scheduite of cost of goods manufoctured. Hint: You will have Materlaks Used in Prothetion ANO indirect Materiaks. Used. Make sure you remember both when doing this schedule. b. Was the overhead underapplied or overapplied? by how much? c. Prepare an income atatement for the yeat. The company closes any underapplied or overapplied overhead to Cont at Goods Sold. HINT: Leeve 2 blenk lines under the expenses section description (first column). Please remember this when your are entwing your answers! The next to the last line's last column should be a total cost for expenses with NO description. Hope this halpo (dgd) Complete this question by entering your answers in the table below. Was the overhead underapplied or overapplied? By how much? Complete this question by entering your answers in the table below. Prepare an income statement for the year. The company closes any underapplied or overapplied overhead to Cost of Goods Sold. 1. Compute the ending balance in Materials Inventory and Work in Process Inventory as of December 31, 2021. (Please note the Year!) 2. Without preparing a schedule or preparing any computations, what is the Cost of Goods Manufactured for December 31, 2021? (You should be able to do this in your head!) 3. Compute the Predetermined Overhead Rate for 2022. 4. Prepare, in good form, a fully complete Schedule of Cost of Goods Manufactured for 2022. Post Company uses a normal job-order costing system in its only production department. Overhead is applied to jobs by a plant-wide overhead rate based on direct labor hours. The first year of operation began on December 1, 2021. During the month of December, Post purchased direct material with a total cost of $4,000. Of the $4,000, Post used $500 on Job 50 . Job 50 was the only job worked during the month of December. Post also charged $2,000 in conversion costs (direct labor and applied overhead) to Job 50 in December. JOB 50 WAS NOT FINISHED IN DECEMBER 2021. There was no overapplied or underapplied overhead for December. For the new year (1/1/2022-12/31/2022), Post had the following transactions occur. Remember to take into consideration the above information when setting up your problem. 1. Estimations for 2022 include $420,000 in overhead and 30,000 direct labor hours. 2. Direct materials purchased during 2022 cost a total of $84.000. 3. Direct materials were used on jobs during 2022 as foll 4. During 2022 there were 4,845 direct labor hours used on Job 50; 6,900 direct labor hours used on Job 51; 9,750 direct labor hours on Job 52; 5,850 direct labor hours on Job 53 and 2,916 direct labor hours on Job 54 . The direct labor hours used during 2022 had a rate of $15.00 per hour. (CAREFUL WITH CALCULATIONS!) 6. By December 31, 2022, Jobs s0 and s1 were compietea. Jod su consisted or 5,950 and jod 5 consisted of 21,250 units. 7. All of Job 51 was sold during 2022 for $44 per unit. In addition, Post sold 5,000 of the 5,936 units for $80 per unit
