compute the predetermined overhead rat

2. Compute the Predetermined Overhead Rate. Formula: Predetermined Overhead Rate = total estimated manufactering overhead total estimated amount of allocation base Calculation: Predetermined Overhead Rate Predetermined Overhead Rate 3. Compute the amount of manufacturing overhead applied to production. Formula: Manufacturing Overhead Applied Calculation: Manufacturing Overhead Applied Manufacturing Overhead Applied 4. Assuming that no work was in progress at the beginning of the year, and no work was in progress at the end of the year, what was the cost of goods manufactured for the year (ie what was the total dollar amount of job costs for the year? Job Costs: Beginning Work in Process: $ Less Ending Work In Process: Total Job Cost Hogle Corporation uses job-order costing and applies overhead cost to jobs on the basis of machine-hours worked. For the just completed year, the company estimated that it would work 75,000 machine-hours and incur $450,000 in manufacturing overhead cost. The company actually worked 80,000 machine-hours. The company has provided the following financial data concerning its actual operations for the year: Direct Materials $360,000 Indirect Materials $20,000 Direct Labor $75,000 Indirect Labor $110,000 Sales Commissions $90,000 Administrative Salaries $200,000 General Selling Expenses $17,000 Factory Utility Costs $43,000 Advertising Costs $180,000 Factory Depreciation $280,000 Selling and Administrative Depreciation $70,000 Factory Insurance $7,000 Selling and Administrative Insurance $3,000 Sales $1,500,000 Required: 1. Classify each of the following costs as either a Direct Product Cost, Manufacturing Overhead, or a Period Cost by entering the amount in the appropriate column. Answer is complete and correct. Cost Item Total Amount Direct Product Cost 360,000 Manufacturing Overhead Period Cost Direct Materials $ 360,000 $ $ $ 20,000 $ $ 75,000 $ 110,000 $ $ $ $ 20,000 75,000 110,000 90,000 200,000 17,000 43,000 180,000 280,000 $ $ 90.000 200,000 17,000 $ $ Indirect Materials Direct Labor Indirect Labor Sales Commissions Administrative Salaries General Selling Expenses Factory Utility Costs Advertising Costs Factory Depreciation Selling and Administrative Depreciation Factory Insurance Selling and Administrative Insurance Totals 43,000 $ $ 180,000 $ $ 280,000 $ IS 70,000 $ 70,000 7.000 3,000 $ 7.000 $ $ $ 3,000 560,000 435,000 $ 460,000 4. Assuming that no work was in progress at the beginning of the year, and no work was in progress at the end of the year, what was the cost of goods manufactured for the year (ie what was the total dollar amount of job costs for the year)? Answer is not complete. Job Costs Beginning Work in Process: $ 0 $ 0 Less Ending Work In Process: Total Job Cost 5. Assuming only one type of product was produced, and 91,500 units were produced during the year, compute the cost per unit. Cost Per Unit 6. Calculate the amount of overapplied or underapplied overhead for the Year. Formula: Over/Underapplied Overhead Calculation: Over/Underapplied Overhead Over/Underapplied Overhead 6. Calculate the amount of overapplied or underapplied overhead for the Year. Formula: Over/Underapplied Overhead Calculation: Over/Underapplied Overhead Over/Underapplied Overhead 7. 87,000 units were sold during the year. Calculate the unadjusted cost of goods sold for the Year. Formula: Unadjusted Cost of Goods Sold Calculation: Unadjusted Cost of Goods Sold Unadjusted Cost of Goods Sold 8. Calculate the adjusted cost of goods sold for the year. Formula: Adjusted Cost of Goods Sold = Unadjusted Cost of Goods Sold OR: Adjusted Cost of Goods Sold = Unadjusted Cost of Goods Sold Overapplied Overhead + Underapplied Overhead Calculation: Adjusted Cost of Goods Sold Adjusted Cost of Goods Sold 8. Calculate the adjusted cost of goods sold for the year. Formula: Adjusted Cost of Goods Sold = Unadjusted Cost of Goods Sold OR: Adjusted Cost of Goods Sold = Unadjusted Cost of Goods Sold Overapplied Overhead Underapplied Overhead Calculation: Adjusted Cost of Goods Sold Adjusted Cost of Goods Sold 9. Create an Income Statement for the year. Hogle Corporation Income Statement Sales Cost of Goods Sold Gross Margin Selling and Administrative Expenses Net Operating Income 2. Compute the Predetermined Overhead Rate. Formula: Predetermined Overhead Rate = total estimated manufactering overhead total estimated amount of allocation base Calculation: Predetermined Overhead Rate Predetermined Overhead Rate 3. Compute the amount of manufacturing overhead applied to production. Formula: Manufacturing Overhead Applied Calculation: Manufacturing Overhead Applied Manufacturing Overhead Applied 4. Assuming that no work was in progress at the beginning of the year, and no work was in progress at the end of the year, what was the cost of goods manufactured for the year (ie what was the total dollar amount of job costs for the year? Job Costs: Beginning Work in Process: $ Less Ending Work In Process: Total Job Cost Hogle Corporation uses job-order costing and applies overhead cost to jobs on the basis of machine-hours worked. For the just completed year, the company estimated that it would work 75,000 machine-hours and incur $450,000 in manufacturing overhead cost. The company actually worked 80,000 machine-hours. The company has provided the following financial data concerning its actual operations for the year: Direct Materials $360,000 Indirect Materials $20,000 Direct Labor $75,000 Indirect Labor $110,000 Sales Commissions $90,000 Administrative Salaries $200,000 General Selling Expenses $17,000 Factory Utility Costs $43,000 Advertising Costs $180,000 Factory Depreciation $280,000 Selling and Administrative Depreciation $70,000 Factory Insurance $7,000 Selling and Administrative Insurance $3,000 Sales $1,500,000 Required: 1. Classify each of the following costs as either a Direct Product Cost, Manufacturing Overhead, or a Period Cost by entering the amount in the appropriate column. Answer is complete and correct. Cost Item Total Amount Direct Product Cost 360,000 Manufacturing Overhead Period Cost Direct Materials $ 360,000 $ $ $ 20,000 $ $ 75,000 $ 110,000 $ $ $ $ 20,000 75,000 110,000 90,000 200,000 17,000 43,000 180,000 280,000 $ $ 90.000 200,000 17,000 $ $ Indirect Materials Direct Labor Indirect Labor Sales Commissions Administrative Salaries General Selling Expenses Factory Utility Costs Advertising Costs Factory Depreciation Selling and Administrative Depreciation Factory Insurance Selling and Administrative Insurance Totals 43,000 $ $ 180,000 $ $ 280,000 $ IS 70,000 $ 70,000 7.000 3,000 $ 7.000 $ $ $ 3,000 560,000 435,000 $ 460,000 4. Assuming that no work was in progress at the beginning of the year, and no work was in progress at the end of the year, what was the cost of goods manufactured for the year (ie what was the total dollar amount of job costs for the year)? Answer is not complete. Job Costs Beginning Work in Process: $ 0 $ 0 Less Ending Work In Process: Total Job Cost 5. Assuming only one type of product was produced, and 91,500 units were produced during the year, compute the cost per unit. Cost Per Unit 6. Calculate the amount of overapplied or underapplied overhead for the Year. Formula: Over/Underapplied Overhead Calculation: Over/Underapplied Overhead Over/Underapplied Overhead 6. Calculate the amount of overapplied or underapplied overhead for the Year. Formula: Over/Underapplied Overhead Calculation: Over/Underapplied Overhead Over/Underapplied Overhead 7. 87,000 units were sold during the year. Calculate the unadjusted cost of goods sold for the Year. Formula: Unadjusted Cost of Goods Sold Calculation: Unadjusted Cost of Goods Sold Unadjusted Cost of Goods Sold 8. Calculate the adjusted cost of goods sold for the year. Formula: Adjusted Cost of Goods Sold = Unadjusted Cost of Goods Sold OR: Adjusted Cost of Goods Sold = Unadjusted Cost of Goods Sold Overapplied Overhead + Underapplied Overhead Calculation: Adjusted Cost of Goods Sold Adjusted Cost of Goods Sold 8. Calculate the adjusted cost of goods sold for the year. Formula: Adjusted Cost of Goods Sold = Unadjusted Cost of Goods Sold OR: Adjusted Cost of Goods Sold = Unadjusted Cost of Goods Sold Overapplied Overhead Underapplied Overhead Calculation: Adjusted Cost of Goods Sold Adjusted Cost of Goods Sold 9. Create an Income Statement for the year. Hogle Corporation Income Statement Sales Cost of Goods Sold Gross Margin Selling and Administrative Expenses Net Operating Income