Can someone check my work? I think I got off somewhere.

Mooresville Corporation manufactures reproductions of eighteenth-century, classical-style furniture. It uses a job costing system that applies factory overhead on the basis of direct labor hours. Budgeted factory overhead for the year was $1,494,600, and management budgeted 94,000 direct labor hours. Mooresville had no Materials, Work-in-Process, or Finished Goods Inventory at the beginning of August. These transactions were recorded during August:

1. Purchased 6,400 square feet of oak on account at $26 per square foot.
2. Purchased 190 gallons of glue on account at $36 per gallon (indirect material).
3. Requisitioned 4,480 square feet of oak and 45 gallons of glue for production.
4. Incurred and paid payroll costs of $217,300. Of this amount, $60,000 were indirect labor costs; direct labor personnel earned $22 per hour.
5. Paid factory utility bill, $17,610 in cash.
6. Augusts insurance cost for the manufacturing property and equipment was $4,200. The premium had been paid in March.
7. Incurred $9,410 depreciation on manufacturing equipment for August.
8. Recorded $2,750 depreciation on an administrative asset.
9. Paid advertising expenses in cash, $6,130.
10. Incurred and paid other factory overhead costs, $14,900.
11. Incurred and paid miscellaneous selling and administrative expenses, $14,300.
12. Applied factory overhead to production on the basis of direct labor hours.
13. Produced completed goods costing $153,000 during the month.
14. Sales on account in August were $139,000. The Cost of Goods Sold was $119,000.

Required:

1. Compute the firms predetermined factory overhead rate for the year.

2. Prepare journal entries to record the August events.

3. Calculate the amount of overapplied or underapplied overhead to be closed to the Cost of Goods Sold account on August 31.

4. Prepare a schedule of Cost of Goods Manufactured and Cost of Goods Sold.

5. Prepare the income statement for August.

Req1 Reg 2 Req3 Req 4 COGM Req 4 COGS Reg 5 Compute the firm's predetermined factory overhead rate for the year. (Round your answer to 2 decimal places.) Predetermined overhead rate $ 15.90 per direct labor-hour Req 1 Reg 2 Reg 3 Req 4 COGM Req 4 COGS Reg 5 Prepare journal entries to record the August events. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet No Transaction General Journal Debit Credit 1 a. 166,400 Materials inventory (direct materials) Accounts payable 166,400 2 b. 6.840 Materials inventory (indirect materials) Accounts payable 6,840 3 C. 116,480 1,620 Work-in-process inventory Factory overhead Materials inventory (direct materials) Materials inventory (indirect materials) 116,480 1,620 4 d. 157,300 Work-in-process inventory Factory overhead Cash 60,000 217,300 5 e. 17.610 Factory overhead Cash 17,610 6 f. 4,200 Factory overhead Prepaid insurance 4,200 g. 9,410 Factory overhead Accumulated depreciation 9,410 8 h. 2.750 Selling & administrative expense Accumulated depreciation 2,750 9 i. Advertising expense 6,130 Cash 6,130 10 j. Factory overhead 14,900 Cash 14.900 11 k. Selling & administrative expense 14,300 Cash 14,300 12 I. 113,685 Work-in-process inventory Factory overhead 113,685 13 m. 153,000 Finished goods inventory Work-in-process inventory 153,000 14 n1. 139,000 Accounts receivable Sales revenue 139,000 15 n2. 119,000 Cost of goods sold Finished goods inventory 119,000 Calculate the amount of overapplied or underapplied overhead to be closed to the cost of Goods Sold account on August 31. Overapplied overhead $ 725 Prepare a schedule of Cost of Goods Manufactured. 111,260 $ Mooresville Corporation Statement of Cost of Goods Manufactured For the Month Ended August 31 Direct materials used Direct materials purchases $ 166,400 Materials inventory, Beginning 0 Total direct materials available 166,400 Less: Direct materials inventory, Ending 55,140 Direct materials used Direct labor-wages Factory overhead applied Total manufacturing costs incurred during year Add: Work-in-process inventory, Beginning Total manufacturing costs to account for Less: Work-in-process inventory, Ending Cost of goods manufactured Actual overhead Indirect materials used $ 6,840 Indirect labor-wages 60,000 Factory utilities 17,610 Factory insurance 4,200 Depreciation expense-plant 9,410 Other factory overhead 14,900 157,300 113,685 382,245 0 382,245 234,465 147,780 $ $ Total factory overhead Total applied overhead Overapplied overhead 112,960 113,685 725 $ Prepare a schedule of Cost of Goods Sold. Mooresville Corporation Schedule of Cost of Goods Sold For the Month Ended August 31 Finished goods inventory, beginning $ 0 Cost of goods manufactured 147,7801 Total goods available for sale 147,780 Finished goods inventory, ending 34,000 Cost of goods sold 113,780 Overapplied overhead 725 Adjusted cost of goods sold 113,055 Prepare the income statement for August. $ Mooresville Corporation Income Statement For the Month Ended August 31 Sales revenue Cost of goods sold Gross margin Advertising expense $ 6,130 Selling and administrative 14,300 Total selling & administrative expenses Operating income 139,000 118,275 20,725 $ 20,430 295 $