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 $476,100, and management budgeted 34,500 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: a. April insurance cost for the manufacturing property and equipment was $1,900. The premium had been paid in January. b. Recorded $1,095 depreciation on an administrative asset. C. Purchased 21 pounds of high-grade polishing materials at $16 per pound (indirect materials). d. Paid factory utility bill, $6,590, in cash. e. Incurred 4,000 hours and paid payroll costs of $160,000. Of this amount, 1,000 hours and $20,000 were indirect labor costs. f. Incurred and paid other factory overhead costs, $6,330. g. Purchased $25,500 of materials. Direct materials included unpolished semiprecious stones and gold. Indirect materials included supplies and polishing materials. h. Requisitioned $19,500 of direct materials and $1,800 of indirect materials from Materials Inventory. i. Incurred miscellaneous selling and administrative expenses, $5,940. j. Incurred $3,715 depreciation on manufacturing equipment for April. k. Paid advertising expenses in cash, $2,800. 1. Applied factory overhead to production on the basis of direct labor hours. m. Completed goods costing $65,000 during the month. n. Made sales on account in April, $59,830. The Cost of Goods Sold was $49,540. Required: 1. Compute the firm's predetermined factory overhead rate for the year. 2. Prepare journal entries to record the April events. 3. Calculate the amount of overapplied or underapplied overhead on April 30. 4. Prepare a schedule of Cost of Goods Manufactured and a schedule of Cost of Goods Sold. 5. Compute the amount of overapplied or underapplied overhead that should be prorated to Work-in-Process, Finished Goods, and Cost of Goods Sold. 5. Prepare the income statement for April. 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 Req 6 Compute the amount of overapplied or underapplied overhead that should be prorated to Work-in-Process, Finished Goods, and Cost of Goods Sold. (Round both the Relative Amount and the Share of overapplied overhead to two decimal places.) Balance Relative amount Share of overapplied overhead Work-in-Process % Finished Goods % Cost of Goods Sold % Total 0 0.00 % $ 0.00 Prepare the income statement for April. Dream Makers Income Statement For the Month Ended April 30 Sales revenue $ 58,830 Cost of goods sold Gross margin (48,775) 10,055 $ $ 1,095 2,800 Advertising expense Total selling & administrative expenses Operating income (9,835) 220