M2 CONNECT Homework - Ch 03 4 Saved points 02:55:23 eBook 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 $115,700 of manufacturing overhead for an estimated allocation base of $89,000 direct material dollars to be used in production. The company has provided the following data for the just completed year: Purchase of raw materials Direct labor cost Manufacturing overhead costs: Indirect labor Property taxes Depreciation of equipment Maintenance Insurance Rent, building $ 137,000 $ 85,000 $ 109,900 Ending $ 8,200 $ 16,000 $13,000 $ 7,700 $ 33,000 o Beginning References Raw Materials $ 21,000 $ 17,000 Work in Process $ 49,000 $ 37,000 Finished Goods $ 72,000 $ 59,000 Required: Mc Graw Hill 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. Assume that the $37,000 ending balance in Work in Process includes $8,700 of direct materials. Given this assumption, supply the information missing below: Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Compute the predetermined overhead rate for the year. Predetermined overhead rate % < Required 1 Required 2 > < Prev 4 of 4 Next > Help Save & Exit Submit Check my work M2 CONNECT Homework - Ch 03 4 Saved points 02:55:16 eBook 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 $115,700 of manufacturing overhead for an estimated allocation base of $89,000 direct material dollars to be used in production. The company has provided the following data for the just completed year: Purchase of raw materials Direct labor cost Manufacturing overhead costs: Indirect labor Property taxes Depreciation of equipment Maintenance Insurance Rent, building $ 137,000 $ 85,000 $ 109,900 Ending $ 8,200 $ 16,000 $13,000 $ 7,700 $ 33,000 References o Beginning Raw Materials $ 21,000 $ 17,000 Work in Process $ 49,000 $ 37,000 Finished Goods $ 72,000 $ 59,000 Required: Mc Graw Hill 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. Assume that the $37,000 ending balance in Work in Process includes $8,700 of direct materials. Given this assumption, supply the information missing below: Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Compute the amount of underapplied or overapplied overhead for the year. overhead < Required 1 Required 3 > < Prev 4 of 4 Next > Help Save & Exit Submit Check my work M2 CONNECT Homework - Ch 03 4 1. Compute the predetermined overhead rate for the year. Saved points 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. Assume that the $37,000 ending balance in Work in Process includes $8,700 of direct materials. Given this assumption, supply the information missing below: 02:55:07 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 eBook References Mc Graw Hill Prepare a schedule of cost of goods manufactured for the year. Assume all raw materials are used in production as direct materials. Direct materials: Total raw materials available Direct materials used in production Gitano Products Schedule of Cost of Goods Manufactured Total manufacturing costs added to production Total manufacturing costs to account for Cost of goods manufactured < Required 2 Required 4 > < Prev 4 of 4 Next > Help Save & Exit Submit Check my work M2 CONNECT Homework - Ch 03 4 Saved points 02:54:52 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 $115,700 of manufacturing overhead for an estimated allocation base of $89,000 direct material dollars to be used in production. The company has provided the following data for the just completed year: Purchase of raw materials Direct labor cost Manufacturing overhead costs: Indirect labor Property taxes Depreciation of equipment Maintenance Insurance $ 137,000 $ 85,000 $ 109,900 Ending $ 8,200 $ 16,000 $13,000 $ 7,700 $ 33,000 eBook Rent, building Beginning References Raw Materials $ 21,000 $ 17,000 Work in Process $ 49,000 $ 37,000 Finished Goods $ 72,000 $ 59,000 Required: Mc Graw Hill 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. Assume that the $37,000 ending balance in Work in Process includes $8,700 of direct materials. Given this assumption, supply the information missing below: Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Assume that the $37,000 ending balance in Work in Process includes $8,700 of direct materials. Given this assumption, supply the information missing below: Direct materials $ 8,700 Direct labor Manufacturing overhead Work in process inventory $ 37,000 < Required 4 Required 5 > < Prev 4 of 4 Next > Help Save & Exit Submit Check my work M2 CONNECT Homework - Ch 03 4 Saved points 02:54:59 eBook 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 $115,700 of manufacturing overhead for an estimated allocation base of $89,000 direct material dollars to be used in production. The company has provided the following data for the just completed year: Purchase of raw materials Direct labor cost Manufacturing overhead costs: Indirect labor Property taxes Depreciation of equipment Maintenance Insurance Rent, building Beginning $ 137,000 $ 85,000 $ 109,900 Ending $ 8,200 $ 16,000 $13,000 $ 7,700 $ 33,000 $ 17,000 o References Raw Materials $ 21,000 Work in Process $ 49,000 $ 37,000 Finished Goods $ 72,000 $ 59,000 Required: Mc Graw Hill 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. Assume that the $37,000 ending balance in Work in Process includes $8,700 of direct materials. Given this assumption, supply the information missing below: Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Compute the unadjusted cost of goods sold for the year. Do not include any underapplied or overapplied overhead in your answer. Unadjusted cost of goods sold < Required 3 Required 5 > < Prev 4 of 4 Next > Help Save & Exit Submit Check my work