Chapter 2 Homework. 8 00 Sand Help Save & Exit Submit Check my work Tyler Tooling Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the upcoming year, the company estimated its total manufacturing overhead cost at $204,930 and total machine hours at 62,100 During the first month of operations, the company worked on three jobs and recorded the following actual direct materials cost, direct labor cost, and machine hours for each job 125 points Job 1011 Skipped Direct materials used $ 11,100 Job 102 $7,900 Job 103 Total $5,100 $24,100 Direct labor $ 17,600 $ 6,600 $4,900 $29,100 Machine hours 1,000 hours 2,400 hours 1,200 hours 5,400 hours sock P Job 101 was completed and sold for $51,200 Job 102 was completed but not sold. References Job 103 is still in process. Actual overhead costs recorded during the first month of operations totaled $16.920. Required: 1. Calculate the predetermined overhead rate. (Round your answer to 2 decimal places.) 2. Compute the total manufacturing overhead applied to the Work in Process Inventory account during the first month of operations (Round your intermediate calculations to 2 decimal places.) 3. Compute the balance in the Work in Process Inventory account at the end of the first month. (Round your intermediate calculations to 2 decimal places.) How much gross profit would the company report during the first month of operations before making an adjustment for over- or Chapter 2 Homework 153A%252F A 125 8 00 points Sand Help Save & Exit Submit 20 Check my wen 4. How much gross profit would the company report during the first month of operations before making an adjustment for over-or underapplied manufacturing overhead? (Round your intermediate calculations to 2 decimal places.) 5-a. Determine the balance in the Manufacturing Overhead account at the end of the first month. (Round your intermediate calculations to 2 decimal places.) 5-b. Is it over- or underapplied? Skipped 1. Predetermined Overhead Rate per Machine Hour 2 3. eDook 4. Total Applied Manufacturing Overhead Ending Work in Process Inventory Gross profit Pant References 5-a. Balance 5-b. Is it over- or underapplied? Mc Graw Hill 2 17 < Prev Next >