Goods, and Cost of Goods Sold. 5. Prepare the income statement for April. X Answer is not complete. Complete this question by entering your answers in the tabs below. Prepare journal entries to record the April events. (If no entry is required for a transaction/event, select "No joumal entry required" in the first account field.) Dream Makers is a small manufacturer of gold and platinum jeweiry, it uses a job costing system that applies overhead on the basis of direct labor hours. Budgeted factory overhead for the yeor was \$562,100, and management budgeted 38,500 direct labor-hours. The company had no Matentals, Work-in Process, or Finished Goods inventory at the beginning of April. These transactions were recorded during Apre: a. April insurance cost for the manufacturing property and equipment was $2,300. The premilum had been paid in January. b. Pecorded $1,375 depreciation on an administrative asset. c. Purchased 21 pounds of high-grade polishing moterials at $16 per pound (indirect materials). d. Paid factory utility bll, $6,910, in cash. e. Incurred 4,000 hours and paid payroil costs of $160,000. Ot this amount, 1,000 hours and $20,000 were indirect labor costs. f incurred and paid other foctory overheod costs, $6,570. g. Purchased $29,500 of materials. Direct materials included unpolished semiprecious stones and gold, indirect materials included supplies and polishing moterials. h. Requisitioned \$23,500 of direct materials and \$2,600 of indirect materials from Materials inventory. i. Incurred miscellaneous selling and odministrative expenses, $7,060. 1. Incurred \$4.555 depreciation on manufacturing equipment for April. k. Paid advertising expenses in cash, $3,400 1. Applied foctory overhead to production on the basis of direct labor hours. n. Completed goods costing $69,000 during the month. n. Made sales on account in Apri, $69,510. The Cost of Goods Sold was $56,260. Required: 1. Compute the firm's predotermined factory overhead rato for the yoar. 2. Prepare journal entries to record the April events. 3. Calculate the amount of overapplied or underappled owerhead on Apil 30 4. Prepare a schedule of Cost or Goods Manufactured and a schedule of Cost of Goods Sold. 5. Compute the amount of overapplied or underapplied overhead that should be protated to Work-in Process, Finished Goods, and Cost of Goods Sold. 5. Prepare the income statement for April. Answer is not complete. Complete this question by entering your answers in the tabs below. Prepare a schedule of Cost of Goods Sold. beginning of April. These transactions were recorded during Aprit: a. April insurance cost for the manufocturing property and equipment was $2,300. The premium had been paid in Jaruary. b. Recorded \$1,375 depreclation on an administrative asset c. Purchased 21 pounds of high-grade polishing materials at $16 per pound fodirect materials). d. Paid factory utility bill, $6,910, in cash. e. Incurred 4,000 hours and paid poyroll costs of $160,000 or this amount, 1,000 hours and $20,000 were indirect Iabor costs. t incurred and paid other factory overhead costs, $6,570. 9. Purchased $29,500 of materials. Direct materials included unpolished semiprecious stones and gold, indirect moteriols included supplies and polohing moterials. h. Requisitioned $23,500 of direct materiols and $2,600 of indirect materials from Materials inventory. i. incurred miscelloneous seling and adminitrtative expenses, $7060 1. incurred $4,555 depreciation on manufacturing equipment for April. k Paid sdvertising expenses in cash, $3,400 1. Appled factory overheod to production on the basis of direct labor hours. n. Completed goods costing $59000 during the month. n Made sales on account in Aprl, \$69,510. The Cost of Goods \$old was \$56,260. Required: 1. Compute the farm's predetemined factory overhead rate for the yeat. 2. Prepare joutnal entries to record the April events. 3. Calculate the amount of overappled or underapplied overhead on April 30. 4. Prepare a schedule of Cost of Goods Manulactured and a schedule of Cost of Goods Soldt 5. Compute the amount of everopplied or underapplied overhead that should be prorated to Work in. Process, Finiahed Goods; and Cost of Goods Sold 5. Prepare the income statement for April 8 Answer is not complete. Complete this question by entering your answers in the tabs below. Prepare a schedule of Cost of Goods Manufactured. Dream Makers is a small manutacturer of gold and platinum jeweliy. if uses a job costing system that apples overhead on the basis of difect labor hours. Budgeted factory overhead for the year was $562,100, and management budgeted 38,500 direct labor hours. The company had no Materials. Work in Process, or Finished Goods inventory at the beginning of Apeil. These vansactions were recorded duting Aprit: a. Aqeil insurance cost for the manufacturing property and equipment was 52.300 . The premium had been paid in January: b. Recorded $1,395 depreciation on an ndministrative asset c. Purchased 21 pounds of high-grade polisting materiais at 5% per pound (ndirect materials) d. Paid factory ubtity bill $6.910 in cesh e. incurred 4,000 hours and paid poyroli costs of $160,000. Of this amount, 1,000 hours and $20,000 were indirect labor costs. t. incured and paid other factory oveshead costs, $6,570 9. Purchased $29,500 of materials. Direct materias included unpolished semipieclous stanes and gold. indirect. materials included wupples and polishing materials h. Aequisitioned $23,500 of direct materish and $2,600 of indirect matenais feom Materials inventory. 1. Incurred miscellaneous selling and odminiatratve expenses, $7,060. j. incurted $4,555 depreciation on manulacturing equipment for Apell k. Paid advertising expenses in cash, $3,400 1. Applied factory overhead to producton on the basis of ditect labor hour. n. Completed goods costing $69,000 during the month. in. Made sules on account in Apri, \$69,510, The Cost of Goods Sold was \$56,260. Required: 1. Compute the firm's predetermined factory owerhead rate for the yeat. 2. Prepare journal entries to recond the April events. 3. Calculste the amount of overapplied or underappled overtead on Aptil 30. 4. Prepare a schedule of Cost of Goods Manufactured and a schedule of Cost of Coods Sold. 5. Compute the amount of overappled or underapplied ovorhead thet should be prorated to Warkin Process, Finished Goods, and Cost of Goods Sold. 5. Prepare the income statement for April. 8 Answer is not complete. Complete this question by entering your answers in the tabs below. Prepare joumal 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.) 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 \$\$62,100, and management budgeted 38,500 direct lobor-hours. The company had no Materials, Work-in-Process, or Finished Goods Inventory ot the beginning of April. These transactions were recorded during Aprit: a. April insurance cost for the manufecturing property and equipment was $2,300. The premium had been paid in January. b. Recorded $1,375 depreciation on an administrative asset. c. Purchased 21 pounds or high-grade polishing materials at $16 per pound (indirect materials). d. Paid factory utility bil, $6,910, in cash. e. Incurred 4,000 hours and paid payroli 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, $6,570. 9. Purchased $29,500 of materials. Direct materials included unpolished semiprecious stones and gold. Indirect materials included supplies and polishing materials. h. Requisitioned $23,500 of direct materials and $2,600 of indirect materials from Materials Inventory. i. Incurred miscellaneous selling and administrative expenses, $7,060. 1. Incured \$4,555 depreciation on manufacturing equipment for April. k. Pald advertising expenses in cash, $3,400. 1. Applied factory overhead to production on the basis of direct labor hours. n. Completed goods costing $69,000 during the month. n. Made sales on account in Apeil, \$69,510. The Cost of Goods Sold was \$56,260, Required: 1. Compute the firm's predetermined factory overhead rate for the year. 2. Prepare joumal 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 Manutactured and a schedule of Cost of Goods Sold. 5. Compute the amount of overapplied or underapplied overthead that should be protated to Work-in.Process, Finished Goods, and Cost of Goods Sold. 5. Prepare the income statement for April. Answer is not complete. Complete this question by entering your answers in the tabs below. 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.)