Dream Makers is a small manufacturer of gold and platinum jewelry It uses a job costing system that applies overhead on the basis of direct labor hours Budgeted factory overhead for the year was $455,600, and management budgeted 33,500 direct labor hours The company had no Materials, Work in Process, or Finished Goods Inventory at the beginning of April These transactions were recorded during April April insurance cost for the manufacturing property and equipment was $1,800 The premium had been paid in January Recorded $1,025 depreciation on an administrative asset Purchased 21 pounds of high grade polishing materials at $16 per pound (indirect materials) The purchase was on credit Paid factory utility bill, $6,510, in cash Incurred 4,000 hours and paid payroll costs of $160,000 Of this amount, 1,000 hours and $20,000 were indirect labor costs Incurred and paid other factory overhead costs, $6,270 Purchased $24,500 of materials Direct materials included unpolished semiprecious stones and gold Indirect materials included supplies and polishing materials The purchase was on credit Requisitioned $18,500 of direct materials and $1,600 of indirect materials from Materials Inventory Incurred and paid miscellaneous selling and administrative expenses, $5,660 Incurred $3,505 depreciation on manufacturing equipment for April Paid advertising expenses in cash, $2,650 Applied factory overhead to production on the basis of direct labor hours Completed goods costing $64,000 during the month Made sales on account in April, $56,410 The Cost of Goods Sold was $47,860 Required 4 Prepare a schedule of Cost of Goods Manufactured and a schedule of Cost of Goods Sold Answer is not complete Complete this question by entering your answers in the tabs below Req 1 Req 2 Req 3 Req 4 COGM Req 4 COGS Req 5 Prepare a schedule of Cost of Goods Sold Dream Makers Schedule of Cost of Goods Sold For the Month Ended April 30 Finished goods inventory, beginning Cost of goods manufactured 64,000 Total goods available for sale 64,000 Finished goods inventory, ending 16,140 Cost of goods sold 47,860 Overapplied overhead 1,115 Adjusted cost of goods sold 39,685 X

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Dream Makers is a small manufacturer of gold and platinum jewelry. It uses a job costing system that applies overhead on the basis of direct

Dream Makers is a small manufacturer of gold and platinum jewelry. It uses a job costing system that applies overhead on the basis of direct labor hours. Budgeted factory overhead for the year was $455,600, and management budgeted 33,500 direct labor-hours. The company had no Materials, Work-in-Process, or Finished Goods Inventory at the beginning of April. These transactions were recorded during April:

April insurance cost for the manufacturing property and equipment was $1,800. The premium had been paid in January.
Recorded $1,025 depreciation on an administrative asset.
Purchased 21 pounds of high-grade polishing materials at $16 per pound (indirect materials). The purchase was on credit.
Paid factory utility bill, $6,510, in cash.
Incurred 4,000 hours and paid payroll costs of $160,000. Of this amount, 1,000 hours and $20,000 were indirect labor costs.
Incurred and paid other factory overhead costs, $6,270.
Purchased $24,500 of materials. Direct materials included unpolished semiprecious stones and gold. Indirect materials included supplies and polishing materials. The purchase was on credit.
Requisitioned $18,500 of direct materials and $1,600 of indirect materials from Materials Inventory.
Incurred and paid miscellaneous selling and administrative expenses, $5,660.
Incurred $3,505 depreciation on manufacturing equipment for April.
Paid advertising expenses in cash, $2,650.
Applied factory overhead to production on the basis of direct labor hours.
Completed goods costing $64,000 during the month.
Made sales on account in April, $56,410. The Cost of Goods Sold was $47,860.

Required:

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

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& Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3 Req 4 COGM Req 4 COGS Req 5 Prepare a schedule of Cost of Goods Sold. Dream Makers Schedule of Cost of Goods Sold For the Month Ended April 30 Finished goods inventory, beginning Cost of goods manufactured 64,000 Total goods available for sale 64,000 Finished goods inventory, ending 16,140 Cost of goods sold 47,860 Overapplied overhead 1,115 Adjusted cost of goods sold 39,685 X