Help with #9 please
The company est abor hours for the year: 225,000 2. Beginning Work-in-process, March 1 (Job 57) $80,000 3. Beginning Finished Goods, March 1 (Job 55) $150,00 2. Labor Information for March: Direct-labor hours: Job 57 Job 08 7,000 Job 59 8,000 Labor costs in factory: 5,000 Direct-labor wages $420,00 Indirect-labor wages Supervisory salaries $25,000 $30,000 3. Material Information for March: Raw Materials, Inventory, March 1 Purchase or raw material $20,000 Direct materials requisitioned: $220,000 Job 57 Job 58 $80,000 Job 59 $75,000 $51,000 4. Other costs incurred in March: Factory Utilities Sales offices Utilities $7,000 $4,000 Administrative offices Utilities $3,000 Factory equipment repair and maintenance costs Depreciation on factory equipment $6,000 Manufacturing supplies purchased and used $2,00 $5.000 5. During March the following jobs were completed Job 57 6. During March the following jobs were sold for the following amounts: Job 55 Job 59 $200,000 $250,000 Required: You need to use cell references to provide answers and calculations. There are 9 questions in Part 1. 1. Develop the predetermined overhead rate. Estimated Manufacturing Overhead Costs Estimated Usage of Direct Labor Hours $787,500.00 Predetermined Overhead Rate $225,000.00 $3.50 2. Complete the job cost sheets provided below for the month of March: Beginning Balance Job 57 Job 58 Job 59 Current costs: $80,000 Direct materials Direct Labor $80,000 $147,000 $75,000 51,000 Applied overhead $24 500 $168,000 $28,000 $271.000 $17.500 $105,000 Hint: You need to calculate the hourly rate and then compute direct labor cost per job Total 331.500 $173.500 3. Determine the ending Work-In-Process Inventory at the end of March and provide the Job number of the job(s) still in Work-in-Process at the end of March and the determine total cost of ending work in process for March. Job #58 = $271,000 As mentioned in the problem Job 57 and 59 were completed, leaving job 58 as the only work in process remaining at the end of March. 4. Determine the ending Finished Goods for March and provide the Job number(s) of the job(s) in Finished Goods at the end of March and determine the total cost of ending finished goods for March. Job #57 = $331,500 As mentioned the problem jobs 55 and 59 were sold, leaving only job 57 as unsold at the end of March 5. Determine the Cost of Goods Sold for March and provide the Job number of the Job(s) in Cost of Goods Sold for March and determine the total cost of goods sold for March. Job 55 Job 59 $150,000 Cost of Goods Sold $173,500 $323.500 . Prepare a statement of cost of goods manufactured for March below. Use Manufacturing Overhead applied in your statement. You need to prepare in good form. Please see Exhibit 18.6. Glass Company Statement of Cost of Goods Manufactured For Month ending March 31, 20XX Raw material, inventory, March 1 Purchases of raw material Total available $220,000 $240,000 Raw materials, inventory, March 31 Raw Materials Consumed ($34,000) Direct-labor wages $206,000 Manufacturi $420,000 Total manufacturing cost $70,000 Work in process March 1 $696,000 Total costs in process 80,000 Work in process March 31 776,000 Cost of goods manufactured for march ($271,000) $505.000 7. Prepare an Income Statement for March below. The company does not close the over or underapplied overhead until the end of the year, so no adjustment is needed to Cost of Goods Sold. You need to prepare in good form. Please see Exhibit 18.6. Glass Company Income Statement For Month ending March 31, 20XX Sales Cost of goods sold $ 450,000 hed goods inventory March 1 $ 150,000 Cost of goods manufactured for 505,000 Total goods available for sale Finished goods inventory March 31 655,000 Cost of goods sold ($331,500) Gross profit $ 323,500 $ 126,500 9. Prepare a Pie chart below showing the three product costs that were added to the jobs in March