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Jane's Machine Shop (JMS) uses a pre-determined overhead system applied on the basis of direct material costs. JMS estimated its manufacturing overhead for FY2023 to
Jane's Machine Shop (JMS) uses a pre-determined overhead system applied on the basis of direct material costs. JMS estimated its manufacturing overhead for FY2023 to be \$____ and its direct materials costs to be \$___B . JMS worked on eight jobs in FY2023. Three of those jobs had actual direct materials costs of: $25,000-Job2302;$50,000-Job2305;and$85,000-Job2308. Actual FY2023 manufacturing overhead totaled \$________ and total direct materials cost amounted to \( \$ \_-\left[D_{-} \text {__. } ight. \) Assume the following values for JMS: (A) estimated MOH$280,000. (B) estimated DM costs $560,000 (C) actual MOH.$310,000. (D) actual total DM used $550,000 Calculate JMS's FY2023 predetermined overhead rate to the nearest $0.001 Question 2 What is the total MOH assigned to WIP in FY2023? Determine the amount of overhead assigned to Job 2302. Question 4 10 Job 2302 had an opening balance of $20,000 and direct labor costs of $18,000 added during FY2023. This job was sold for $105,000. What is the gross margin on the sale of this job? Question 5 10 What was the over or underapplied manufacturing overhead in FY2023? A positive number indicates a debit balance and a negative number indicates a credit balance
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