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Osborn Manufacturing uses a predetermined overhead rate of $18.30 per direct labor-hour. This predetermined rate was based on a cost formula that estimates $221,430 of total manufacturing overhead for an estimated activity level of 12,100 direct labor-hours. The company actually incurred $217,000 of manufacturing overhead and 11,600 direct labor-hours during the period. 10 points Required: 1. Determine the amount of underapplied or overapplied manufacturing overhead for the period. 2. Assume that the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. Would the journal entry to dispose of the underapplied or overapplied overhead increase or decrease the company's gross margin? By how much? eBook 1 . Manufacturing overhead by Print 2 . The gross margin would by References2 The following data from the just completed year are taken from the accounting records of Mason Company: Sales $ 651, 000 Direct labor cost $ 86, 000 10 Raw material purchases $ 139, 000 points Selling expenses $ 106, 000 Administrative expenses $ 46, 000 Manufacturing overhead applied to work in process $ 205, 000 Actual manufacturing overhead costs $ 220, 000 eBook Inventories Beginning Ending Raw materials $ 8,500 $ 10, 800 Work in process 5 , 700 $ 20, 300 Finished goods $ 80, 000 $ 25, 800 Hint Required: Print 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. 2. Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. 3. Prepare an income statement. ReferencesComplete this question by entering your answers In the tabs below. Required 1 Required 2 Required 3 Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. Direci materials: References Cost of goods manufactured Required 2 > 2 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. 2. Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. 3. Prepare an income statement. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 @ Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. References ( Required1 Requireds > : 2 \"guns... 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. 2. Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. 3. Prepare an income statement. Complete this question by entering your answers in the tabs below. eBook Required 1 Required 2 Required 3 References
