Dobson Manufacturing Company uses a job order cost system with manufacturing overhead applied to products on the basis of direct labor dollars. At the beginning of the most recent period, the company estimated its total direct labor cost to be $54,000 and its total manufacturing overhead cost to be $97,200. 2.5 points Several incomplete general ledger accounts show the transactions that occurred during the most recent accounting period which is given in second requirement. Print References Required: 1. Calculate the predetermined overhead rate. 2. Fill in the missing values in the T-accounts. 3. Compute over- or underapplied overhead. 4. Prepare a statement of cost of goods manufactured and sold including the adjustment for over- or underapplied overhead. 5. Prepare a brief income statement for the company. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Calculate the predetermined overhead rate. Predetermined Overhead Rate 180 % of Direct Labor Cost Fill in the missing values in the T-accounts. Raw Materials Inventory 13,500 Beginning Balance Purchases Ending Balance Beginning Balance Direct Materials Work in Process Inventory 29,800 69,200 93,300 28,800 Direct Labor $ 41,300 Applied Overhead Ending Balance 19,600 Cost of Goods Sold Finished Goods Inventory 40,600 Beginning Balance Cost of Goods Completed Ending Balance Unadjusted Cost of Goods Sold Adjusted Cost of Goods Sold 49,400 Sales Revenue Manufacturing Overhead 8,800 307,000 Indirect Materials Applied Overhead Indirect Labor 13,400 12,600 5,300 Factory Depreciation Factory Rent Factory Utilities Other Factory Costs Actual Overhead 1,400 9,500 51,000 Sales Revenue Manufacturing Overhead 307,000 Indirect Materials 8,800 Applied Overhead Indirect Labor 13,400 Factory Depreciation 12,600 5,300 Factory Rent Factory Utilities 1,400 Other Factory Costs 9,500 Actual Overhead 51,000 Selling, General, and Administrative Expenses Adm. Salaries 27,300 Office Depreciation 19,600 Advertising 14,300 Ending Balance 61,200 3. Compute over- or underapplied overhead. 4. Prepare a statement of cost of goods manufactured and sold including the adjustment for over- or underapplied overhead. 5. Prepare a brief income statement for the company. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Compute over- or underapplied overhead. Manufacturing Overhead Prepare a statement of cost of goods manufactured and sold including the adjustment for over- or underapplied overhead. DOBSON MANUFACTURING COMPANY Cost of Goods Manufactured and Sold Report Direct Materials used in Production Total Current Manufacturing Costs $ 0 Total Work in Process $ 0 Cost of Goods Manufactured Cost of Goods Available for Sale $ 0 Unadjusted Cost of Goods Sold Adjusted Cost of Goods Sold Required 1 Required 2 Required 3 Required 4 Required 5 Prepare a brief income statement for the company. DOBSON MANUFACTURING COMPANY Income Statement Net Income from Operations
