components of income statement

Sales

Cost of goods sold

Gross Margin

Selling and administrative expenses:

Selling expenses

Net operating income

f How to Calculate the Over& Uni X m Chapter 3 Homework X H Homework Help Q&A from On X l G windows 10 screenshot Google X I + X - 9 C' 6 https:/ewconnectmheducation.com/f|ow/connect.html g} . 3 EE Apps Ii Facebook Amazon.com:Z|nus Englnlus m Blackboard a VouTube my.UIC n WatchTVOnllne,St' D NewTab Amazon.com:Otton' E Download Marketlnr Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. 1 Gitano Products operates ajob-order costing system and applies overhead cost tojobs on the basis ofdirect materials used in production (noton the basis of raw materials purchased). Its predetermined overhead rate was based on a cost formula that estimated $126,000 of manufacturing overhead for an estimated allocation base of $90,000 direct material dollars to be used in production. The company has provided the following data for thejust completed year: Purchase of raw materials 3 136,666 Direct labor cost 3 86,666 Manufacturing overhead costs: Indirect labor 3 132,366 Property taxes 3 8,666 Depreciation of equipment 3 16,666 Maintenance 3 12,666 Insurance 3 8,166 Rent, building 3 35,666 Beginning Ending Raw Materials 5 28,666 $ 16,666 Work in Process 39 49,666 $ 38,666 Finished Goods $ 69,666 $ 56,666 i Required: 1. Compute the predetermined overhead rate for the yean 2. Compute the amount of underapplied or overapplied overhead for the year. 3, Prepare a schedule of cost of goods manufactured for the year, Assume all raw materials are used in production as direct materials. 4, Compute the unadjusted cost of goods sold for the year. Do not include any underapplied or overapplied overhead in your answer. 5. Assume that the $38,000 ending balance in Work in Process includes $8,900 of direct materials. Given this assumption, supply the information missing below: 9 Answer is not complete. Mc Graw ll Education 0 Type here to search