Instructions Transactions MOH Rate Solution Journal Entries Sol Comprehensive Project 1 v3 Using Excel Boyd Corporation is a manufacturer that uses job-order costing. On January 1, 2024, the company's inventory balances were as follows: Raw Mate Work-in-F Finished ( $61,000 $39,000 $54,000 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, 2024, the company's predetermined overhead rate per direct labor-hour was based on a cost formula that estimated $821,000 of total manufacturing overhead for an estimated activity level of 71,000 direct labor-hours. Requirements: a. b. 1. 2. Compute the predetermined overhead allocation rate for fiscal year 2024. Use the blue shaded areas for inputs. Use Excel to journalize the transactions listed in the Transactions tab for the current year, 2024. 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 the T- 3. accounts. T-account balances will automatically calculate except for Manufacturing Overhead. You will need to calculate the appropriate balance in that account. You should not have negative balances in your t-accounts. 4. Adjust the manufacturing overhead account. Prepare the journal entry. 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 the income statement in good form for Boyd for 2024. The company sold 510 units in 2024. Use the information given to calculate the following for 2024: Use the information provided, the high low method and the contribution margin 8 approach to prepare a contribution format income statement for 2024 (you only have two levels of activity, 2023 and 2024) 9 10 11 12 13 14 15 18 16 Use the contribution margin approach to compute the company's annual breakeven point in units. Use the contribution margin ratio approach to compute the breakeven point in sales dollars. Use the contribution margin approach to compute the annual sales level (in units) required to earn a target operating income (profit) of $656,000. Use the contribution margin approach to compute the annual increase in net operating income if sales increase to 501 units. Use the contribution margin approach to compute the change in net operating income if sales fall by 91 units. Use the contribution margin approach to compute the change in net operating income if the selling price per unit increases by $21 per unit and the sales volume decreases by 51 units. Use the contribution margin approach to compute the change in net operating income if the sales increase by 5.6% and advertising spending is increased by $5,600. Use the contribution margin approach to calculate margin of safety in dollars, as a percent and in units. Use the contribution margin approach to calculate operating leverage. What is the 17 estimated percent increase in net income if sales increase 11%? What is the New Operating Income