Bakerston Company is a manufacturing firm that uses joborder costing. The company's inventory balances were as follows at the beginning and end of the year: Beginning Ending Balance Balance Raw materials $ 11,300 $ 15,200 work'\" $32,600 :15 14,100 process Finished goods $107,000 $122,000 The company applies overhead to jobs using a predetermined overhead rate based on machine-hours. At the beginning of the year, the company estimated that it would work 17,800 machinehours and incur $267,000 in manufacturing overhead cost. The following transactions were recorded for the year: - Raw materials were purchased, $413,000. Raw materials were requisitioned for use in production, $409,100 ($380,000 direct and $29,100 indirect). - The following employee costs were incurred: direct labor, $336,000; indirect labor, $76,000; and administrative salaries, $159,000. - Selling costs, $115,000. - Factory utility costs, $27,000. - Depreciation for the year was $126,000 of which $110,000 is related to factory operations and $16,000 is related to selling, general, and administrative activities. - Manufacturing overhead was applied to jobs. The actual level of activity for the year was 14,000 machinehours. - Sales for the year totaled $1,289,000. Required: a.Prepare a schedule of cost of goods manufactured in good form. (Do not round predetermined overhead rate. Input all amounts as positive values. Omit the "$" sign in your response.) Schedule of Cost of Goods Manufactured Direct materials: (Click to select) v $ (Clickto select) v : (Ciickto select) v E Total raw materials available (Clickto select) v : (Ciickto select) v Raw materials used in production (Click to select) v : (Click to select) v (Click to select) v (Click to select) v Total manufacturing cost (Click to select) v : (Click to select) v (Click to select) v : (Click to select) v Cost of goods manufactured $ b.Was the overhead underapplied or overapplied? By how much? (Do not round predetermined overhead rate. Input the amount as a positive value. Omit the "$" sign in your response.) Manufacturing overhead (Click to select) v $ :| c.Prepare an income statement for the year. The company closes any underapplied or overapplied overhead to Cost of Goods Sold. (Input all amounts as positive values. Omit the "$" sign in your response.) Income Statement I {:9 (Click to select) (Click to select) v (Click to select) v |:| E E Selling and administrative expenses: (Click to select) $ (Click to select) (Click to select) (Click to select) v $
