Calculator endix AA) Predetermined Overhead Rates, Variances, Cost Flows structions Chart of Accounts Calculations Journal Concluding Questions tructions rrymore Costume Company, located in New York City, Sews costumes for plays and musicals, Barrymore considers itself primarily a service firm, as it never oduces costumes without a preexisting order and only purchases materials to the specifications of the particular job. Any finished goods ending inventory is mporary and is zeroed out as soon as the show producer pays for the order. Overhead is applied on the basis of direct labor cost. During the first quarter of year, the following activity took place in each of the accounts listed: Work In Process 17.000 Complete 245,000 80,000 140,000 40,000 32.000 520 Insurance Expense 141 Raw Materials Tecmate ment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress-false ook Calculator Appendix 4A) Predetermined Overhead Rates, Variances, Cost Flows chart of Accounts Calculations Journal concluding Questions Instructions Finished Goods Bal 40,000 Sold 210,000 Complete 245,000 Bal 75,000 Overhead 138,500 140,000 1.500 Cost of Goods Sold 210,000 141 Raw Materials 520 Insurance Expense metais Calculator endix 4A) Predetermined Overhead Rates, Variances, Cost Flows Struction Chart of Account Calculations Journal Concluding Questions uctions 210,000 32 was the only job in process at the end of the first quarter. A total of 1,000 direct labor hours at $10 per hour were charged to Job 32. Required: 1. Assuming that overhead is applied on the basis of direct labor cost, what was the overhead rate used during the first quarter of the year? 2. What was the applied overhead for the first quarter? The actual overhead? The under or overapplied overhead? 3. What was the cost of the goods manufactured for the quarter? 4 Assume that the overhead variance is closed to the cost of goods sold account Prepare the journal entry to close out the overhead control account on March 31. Refer to the Chart of Accounts for account titles. What is the adjusted balance in Cost of Goods Sold? 5. For Job 32 identify the costs incurred for direct materials, direct labor and overhead 520 Insurance Expense 141 Raw Materials Direct materia