Glano Products operates a job-order costing system and applies overhead cost to jobs on the basis of direct materials used in production (not on the basis of raw materials purchased) Its predetermined overhead rate was based on a cost formula that estimated $17.000 of manufacturing overhead for an estimated allocation base of 590.000 direct material dollars to be used in production. The company has provided the following data for the just completed year $ 131,000 $ 16.000 Purchase of raw materials Direct labor cost Manufacturing overhead costs Indirect labor Property taxes Depreciation of equipment Maintenance Insurance Rent, building $ 98,00 1 1.600 $ 20,000 $ 11,000 $11,100 $36.000 on Materials Work in Process Finished Goods Beginning $ 22,000 $ 47.000 $ 74,000 Ending $14.000 $ 35,000 $ 55,000 Required: 1. Compute the predetermined overhead rate for the year 2. Compute mount of underapplied or overapplied overhead for the year. 3. Prepare a schedule of cost of goods manufactured for the year. Assume all raw materials are used in production as direct materials 4. Compute the unadjusted cost of goods sold for the year Do not include any underapplied or overapplied overhead in your answer. 5. Assume that the $36.000 ending balance in Work in Process includes $8100 of direct materials. Given this assumption supply the information missing below Complete this question by entering your answers in the tabs below. Required Required 2 Required 3 Required 4 Required Compute the predetermined overhead rate for the year. Required 2) Gitano Products operates a job order costing system and applies overhead cost to jobs on the basis of direct materials used in production not on the basis of raw materials purchased). Its predetermined overhead rate was based on a cost formula that estimated $117.000 of manufacturing overhead for an estimated allocation base of $90,000 direct material dollars to be used in production. The company has provided the following data for the just completed year Purchase of raw materials $ 131,000 Direct labor cost $36.000 Manfacturing overhead costs indirector $ 98,400 Property taxes 3.8.0 Depreciatim went 520,000 Maintenance $ 11,000 Insurance 1 11.10 Rent building $ 35.000 Beim Heters $ 22,00 $ 14,00 Work in P $ 47,00 16. Fished $ 14,000 15.00 Required: 1. Compute the predetermined overhead rate for the year 2. Compute the amount of underapplied or overapplied overhead for the year 3. Prepare a schedule of cost of goods manufactured for the year. Assume all raw materials are used in production as direct materials 4 Compute the unadjusted cost of goods sold for the year. Do not include any underapplied or overapplied overhead in your answer 5. Asume that the $36.000 ending balance in Work in Process includes $8.100 of direct materials Given this assumption supply the information missing below Complete this question by entering your answers in the tabs below. Red Required ga Required Compute the amount of underapied or over applied overhead for the year Information missing below Complete this question by entering your answers in the tabs below. 16 Required 1 Required 2 Required Required 4 Required Prepare a schedule of cost of goods manufactured for the year. Assume all raw materials are used in production as direct materials Gitano Products Schedule of Contot Goods Monutatud Drac material Totaw matalable Yamadas de la production Tomanding to account Comandas production (not on the basis of raw materials purchased). Its predetermined overhead rate was based on a cost formula that estimated $17.000 of manufacturing overhead for an estimated allocation base of $90.000 direct material dollars to be used in production. The company has provided the following data for the just completed year Purchase of materials $ 131,00 Dette cost 1 14.00 Manufacturing the cont Twitter 8,400 Property tas 19.00 Opret of $ 20,000 mana 11.00 5 11.100 Best, terials where 1 3 14.00 116.00 Required Compute the predetermined overhead tate for the year 2. Compute the amount of under applied or overapolled overhead for the year Prepare a chedule of cost of good manufactured for the yew Asume al raw materials are used in productions direct materials 4 Compute the need cost of goods sold for the year. Do not include any underapplied or overapplied overhead in your answer 5 Aitte 36.000 unang balance in Work in Process includes 58100 of direct materials. Given the sumption supply the wormation ming below Complete the only ring your answers in the tabs below. > Red Catholow for the year. Do not include www.appled ved in your
