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 a. April insurance cost for the manufacturing property and equipment was $1,800. The premium had been paid in January b. Recorded $1,025 depreciation on an administrative asset. C. Purchased 21 pounds of high-grade polishing materials at $16 per pound (indirect materials). The purchase was on credit. d. Paid factory utility bill, $6,510, 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, $6,270 g. 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. h. Requisitioned $18,500 of direct materials and $1,600 of indirect materials from Materials Inventory. i. Incurred and paid miscellaneous selling and administrative expenses, $5,660 j. Incurred $3,505 depreciation on manufacturing equipment for April k. Paid advertising expenses in cash, $2,650 I. Applied factory overhead to production on the basis of direct labor hours m. Completed goods costing $64,000 during the month. n. Made sales on account in April, $56,410. The Cost of Goods Sold was $47,860 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 to be closed to the Cost of Goods Sold account on April 30 4. Prepare a schedule of Cost of Goods Manufactured and a schedule of Cost of Goods Solo 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 COGSReq 5 Compite th fms pedatimiede tar had i) Predetermined overhead rate per direct labor hour K Req 1 Req 2 Req 1 Req 2 Req 3 Req 4 COGM Req 4 COGS Req 5 Prepare journal entries to record the April events. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 4 6 April insurance cost for the manufacturing property and equipment was $1,800. The premium had been paid in January Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal K Req Req 3 Complete this question by entering your answers in the tabs below Req 1 Req 2 Req 3Req 4 COGM Req 4 COGS Req 5 Calculate the amount of overapplied or underapplied overhead to be closed to the Cost of Goods Sold account on April 30. overhead K Req 2 Req 4 COGM> 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 Manufactured. Dream Makers Statement of Cost of Goods Manufactured For the Month Ended April 30 Total manufacturing costs incured ding year Total manufacturing costs to account for Cost of goods manufactured Actual overhead Total factory overhead Total applied overhead Req 3 Req 4 COGS> Complete this question by entering your answers in the tabs below Req 1 Req 2 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 Total goods available for sale Finished goods inventory, ending Cost of goods sold Adjusted cost of goods sold Req 4 COGM Req 5