Enter the beginning balances for the inventories in the T-accounts. Assume the rest of the accounts have beginning balances of zero. Post the journal entries to T- accounts. T-account balances will automatically calculate except for Manufacturing Overhead. You will need to calculate the appropriate balance in that account. (T- 3. Accounts tab) 4. Adjust the manufacturing overhead account. (MOH adj tab) Prepare the journal entry. b. Post to T-accounts. 5. Complete the Schedule of Cost of Goods Manufactured for 2024. 6. Complete the cost of Goods Sold schedule for 2024. 7. Prepare income statements in good form for Boyd for 2024. a. : Requirement 1 2 Compute the predetermined overhead allocation rate for fiscal year 2024. Total estimated overhead costs/Total estimated machine hours Predetermined overhead allocation rate 40,000 Total estimated overhead costs 7 8 9 20 16 Total estimated Direct-Labor hours 650,000.00 Predetermined overhead allocation rate 22 13 15 16 27 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 35 36 37 38 Date Debilt Credit 5 (a) Account/Explanation Raw Materials Inventory Accounts Payable 510,000 G 510,000 7 8 9 (b) 480,000 Work-in-Process Inventory Raw Materials Inventory 20 480,000 (C) 14 Work-In-Process Inventory Manufacturing Overhead Selling & Administrative Expense Wages Payable 600,000 150,000 240,000 16 17 990,000 18 g (d) 367,000 Selling & Administrative Expense Accounts Payable 20 367,000 21 22 23 500.000 Manufacturing Overhead Wages Payable 24 500,000 26 27 0 666,250 Work-in-Process Inventory Manufacturing Overhead 28 666,250 29 30 Instructions data Transactions MOH Rate Solution Journal Entries Solut Ready 22 500.000 23 (0) Manufacturing Overhead Wages Payable 500,000 24 25 26 666 250 27 02 Work-In-Process Inventory Manufacturing Overhead 666 250 28 29 30 32 1,680,000 32 (9) Finished Goods Inventory Work-In-Process Inventory 1,680,000 33 34 35 36 (h) Accounts Recolvable 2.800.000 37 Sales Revenue 2.800,000 38 39 40 1,690.000 Cost of Goods Sold Finished Goods Inventory 41 1,690,000 46 47 48 Instructions data Transactions MOH Rate Solution Journal Entries Solution Ready M Requirement 3 Post the joumal entries 3 Accounts Recalvable Accounts Payable Sales Revenue 0 0 0 9 20 Raw Materials Inventory Wages Payable Manufacturing Overhead 0 0 Work-in-Process Inventory 0 0 0 12 22 bal 13 24 25 26 27 bal 28 19 20 21 22 23 24 bal. 25 26 Cost of Goods Sold 0 Finished Goods Inventory 0 0 Selling & Administrative Expenses 0 27 28 29 30 31 32 33 34 35 36 37 3B 39 40 41 42 43 44 + Instructions data Transactions MOH Rate Solution Journal Entries Solution Trace Ready Requirement 4 2 Adjust the manufacturing overhead. 3 1. Prepare the joumal entry. 4 2. Post the joumal entry to the T-accounts worksheet. 5 6 Date Account/Explanation Debit Credit 7 8 9 Adjusted manufacturing overhead. 10 11 12 13 14 15 16 17 28 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 Instructions data Transactions MOH Rate Solution Journal Entries Ready Selling & Administrative Costs Step 1 . Variable cost per unit Step 2 - Fixed Cost Step 3 - Mixed Cost Formula 35 86 37 88 89 90 91 92 93 94 95 95 97 98 99 100 101 202 103 Contribution Format 104 105 106 207 10B 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 Instructions data Transactions MOH Rate Solution Journal En Ready C D F Per Unit DATA (refer to Requirement 8) Description Unit Sales for 2024 500 Sales Revenue Variable Costs Contribution Margin Fixed Costs Operating Income Breakeven Target Profit $ $ 755,000 Requirement 9 Use the contribution margin approach to compute the company's annual breakeven in units. Reference the DATA cell(s) in your formula below. Format as a number Breakeven in Units Requirement 10 Use the contribution margin ratio approach to compute the breakeven point in sales dollars. Reference the DATA cells) in your formula for contribution margin ratio below. Format the ratio as a percentage, breakeven in dollars as accounting number formatin whole dollars. Contribution margin ratio Breakeven in Dollars Requirement 11 Use the contribution margin approach to compute the annual sales level (in units) required to earn a target Income of $755,000 Reference the DATA cell(s) in your formula below. Format as number. Use the Excel ROUNDUP function to obtain whole units to reach the target operating Income Target sales level (in units) Requirement12 Transactions MOH Rate Solution Journal Entries Solution T-Accounts Solution eady Requirement 12 Use the contribution margin approach to compute the annual increase in operating Income If sales increase to 501 units. Reference the DATA cell(9) in your formula below. Formatas number. Use the Excel ROUNDUP function to obtain whole units or dollars Operating Income Increase in Operating Income Requirement 13 Use the contribution margin approach to compute the annual decrease in net operating Income if sales full by 90 units. Reference the DATA cell(o) in your formula below. Formatas number. Use the Excel ROUNDUP Runction to obtain whole units or dollare Operating Income Decrease in Operating Income Requirement 14 Use the contribution margin approach to compute the change in net operating income if the selling price per unit increases by $20 per unit and the sales volume decreases by 50 units Reference the DATA 00ll() in your formula below. Format as number. Use the Excel ROUNDUP function to obtain whole units or dollars Operating Income Decrease in Operating Income Requirement 15 Use the contribution margin approach to computo the change in net operating income if the sales increase by 10% and advertising spending is increased by $2,000 Reference the DATA onl(s) in your formula below. Formatos number Use the Excel ROUNDUP function to obtain whole units of dollars Operating income Decrease in Operating income Requirement 16 Use the contribution margin approach to calculate margin of safety in dollars and as a percent Reference the DATA on() in your formula below. Formatos number Use the Excel ROUNDUP function to obtain whole units of dollars Transactions MOH Rate Solution Joumal Entries Solution T-Accounts Solution MOH adj and End Bal Solution COGM, COGS Ready Enter the beginning balances for the inventories in the T-accounts. Assume the rest of the accounts have beginning balances of zero. Post the journal entries to T- accounts. T-account balances will automatically calculate except for Manufacturing Overhead. You will need to calculate the appropriate balance in that account. (T- 3. Accounts tab) 4. Adjust the manufacturing overhead account. (MOH adj tab) Prepare the journal entry. b. Post to T-accounts. 5. Complete the Schedule of Cost of Goods Manufactured for 2024. 6. Complete the cost of Goods Sold schedule for 2024. 7. Prepare income statements in good form for Boyd for 2024. a. : Requirement 1 2 Compute the predetermined overhead allocation rate for fiscal year 2024. Total estimated overhead costs/Total estimated machine hours Predetermined overhead allocation rate 40,000 Total estimated overhead costs 7 8 9 20 16 Total estimated Direct-Labor hours 650,000.00 Predetermined overhead allocation rate 22 13 15 16 27 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 35 36 37 38 Date Debilt Credit 5 (a) Account/Explanation Raw Materials Inventory Accounts Payable 510,000 G 510,000 7 8 9 (b) 480,000 Work-in-Process Inventory Raw Materials Inventory 20 480,000 (C) 14 Work-In-Process Inventory Manufacturing Overhead Selling & Administrative Expense Wages Payable 600,000 150,000 240,000 16 17 990,000 18 g (d) 367,000 Selling & Administrative Expense Accounts Payable 20 367,000 21 22 23 500.000 Manufacturing Overhead Wages Payable 24 500,000 26 27 0 666,250 Work-in-Process Inventory Manufacturing Overhead 28 666,250 29 30 Instructions data Transactions MOH Rate Solution Journal Entries Solut Ready 22 500.000 23 (0) Manufacturing Overhead Wages Payable 500,000 24 25 26 666 250 27 02 Work-In-Process Inventory Manufacturing Overhead 666 250 28 29 30 32 1,680,000 32 (9) Finished Goods Inventory Work-In-Process Inventory 1,680,000 33 34 35 36 (h) Accounts Recolvable 2.800.000 37 Sales Revenue 2.800,000 38 39 40 1,690.000 Cost of Goods Sold Finished Goods Inventory 41 1,690,000 46 47 48 Instructions data Transactions MOH Rate Solution Journal Entries Solution Ready M Requirement 3 Post the joumal entries 3 Accounts Recalvable Accounts Payable Sales Revenue 0 0 0 9 20 Raw Materials Inventory Wages Payable Manufacturing Overhead 0 0 Work-in-Process Inventory 0 0 0 12 22 bal 13 24 25 26 27 bal 28 19 20 21 22 23 24 bal. 25 26 Cost of Goods Sold 0 Finished Goods Inventory 0 0 Selling & Administrative Expenses 0 27 28 29 30 31 32 33 34 35 36 37 3B 39 40 41 42 43 44 + Instructions data Transactions MOH Rate Solution Journal Entries Solution Trace Ready Requirement 4 2 Adjust the manufacturing overhead. 3 1. Prepare the joumal entry. 4 2. Post the joumal entry to the T-accounts worksheet. 5 6 Date Account/Explanation Debit Credit 7 8 9 Adjusted manufacturing overhead. 10 11 12 13 14 15 16 17 28 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 Instructions data Transactions MOH Rate Solution Journal Entries Ready Selling & Administrative Costs Step 1 . Variable cost per unit Step 2 - Fixed Cost Step 3 - Mixed Cost Formula 35 86 37 88 89 90 91 92 93 94 95 95 97 98 99 100 101 202 103 Contribution Format 104 105 106 207 10B 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 Instructions data Transactions MOH Rate Solution Journal En Ready C D F Per Unit DATA (refer to Requirement 8) Description Unit Sales for 2024 500 Sales Revenue Variable Costs Contribution Margin Fixed Costs Operating Income Breakeven Target Profit $ $ 755,000 Requirement 9 Use the contribution margin approach to compute the company's annual breakeven in units. Reference the DATA cell(s) in your formula below. Format as a number Breakeven in Units Requirement 10 Use the contribution margin ratio approach to compute the breakeven point in sales dollars. Reference the DATA cells) in your formula for contribution margin ratio below. Format the ratio as a percentage, breakeven in dollars as accounting number formatin whole dollars. Contribution margin ratio Breakeven in Dollars Requirement 11 Use the contribution margin approach to compute the annual sales level (in units) required to earn a target Income of $755,000 Reference the DATA cell(s) in your formula below. Format as number. Use the Excel ROUNDUP function to obtain whole units to reach the target operating Income Target sales level (in units) Requirement12 Transactions MOH Rate Solution Journal Entries Solution T-Accounts Solution eady Requirement 12 Use the contribution margin approach to compute the annual increase in operating Income If sales increase to 501 units. Reference the DATA cell(9) in your formula below. Formatas number. Use the Excel ROUNDUP function to obtain whole units or dollars Operating Income Increase in Operating Income Requirement 13 Use the contribution margin approach to compute the annual decrease in net operating Income if sales full by 90 units. Reference the DATA cell(o) in your formula below. Formatas number. Use the Excel ROUNDUP Runction to obtain whole units or dollare Operating Income Decrease in Operating Income Requirement 14 Use the contribution margin approach to compute the change in net operating income if the selling price per unit increases by $20 per unit and the sales volume decreases by 50 units Reference the DATA 00ll() in your formula below. Format as number. Use the Excel ROUNDUP function to obtain whole units or dollars Operating Income Decrease in Operating Income Requirement 15 Use the contribution margin approach to computo the change in net operating income if the sales increase by 10% and advertising spending is increased by $2,000 Reference the DATA onl(s) in your formula below. Formatos number Use the Excel ROUNDUP function to obtain whole units of dollars Operating income Decrease in Operating income Requirement 16 Use the contribution margin approach to calculate margin of safety in dollars and as a percent Reference the DATA on() in your formula below. Formatos number Use the Excel ROUNDUP function to obtain whole units of dollars Transactions MOH Rate Solution Joumal Entries Solution T-Accounts Solution MOH adj and End Bal Solution COGM, COGS Ready