Mooresville Corporation manufactures reproductions of eighteenth-century, classical style furniture. It uses a job costing system that applies factory overhead on the basis of direct labor hours. Budgeted factory overhead for the year was $1,359,000, and management budgeted 90,000 direct labor hours. Mooresville had no Materials, Work-in-Process, or Finished Goods Inventory at the beginning of August. These transactions were recorded during August: a. Purchased 5.600 square feet of oak on account at $26 per square foot. b. Purchased 110 gallons of glue on account at $36 per gallon (indirect material). c. Requisitioned 3.920 square feet of oak and 37 gallons of glue for production d. Incurred and paid payroll costs of $200,500. Of this amount, $52,000 were Indirect labor costs, direct labor personnel earned $22 per hour e. Pald factory utility bill, $16.250 in cash. f. August's Insurance cost for the manufacturing property and equipment was $3,800. The premium had been paid in March. g. Incurred $8,890 depreciation on manufacturing equipment for August. h. Recorded $2,550 depreciation on an administrative asset 1. Paid advertising expenses in cash. $5.770. J. Incurred and paid other factory overhead costs, $14100. k. Incurred and paid miscellaneous selling and administrative expenses. $13,700. 1. Applied factory overhead to production on the basis of direct labor hours. m. Produced completed goods costing $149,000 during the month. n. Sales on account in August were $135,000. The Cost of Goods Sold was $115,000, Required: 1. Compute the firm's predetermined factory overhead rate for the year, 2. Prepare journal entries to record the August events 3. Calculate the amount of overapplied or underapplied overhead to be closed to the Cost of Goods Sold account on August 31 4. Prepare a schedule of Cost of Goods Manufactured and Cost of Goods Sold. 5. Prepare the income statement for August. Required: 1. Compute the firm's predetermined factory overhead rate for the year. 2. Prepare journal entries to record the August events. 3. Calculate the amount of overapplied or underapplied overhead to be closed to the Cost of Goods Sold account on August 31. 4. Prepare a schedule of Cost of Goods Manufactured and Cost of Goods Sold. 5. Prepare the income statement for August Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Reg 3 Req 4 COGM Reg 4 COGS Req5 Compute the firm's predetermined factory overhead rate for the year. (Round your answer to 2 decimal places.) Predetermined overhead rate per direct labor-hour Reg 2 > Req 1 Reg 2 Req3 Req 4 COGM Req 4 COGS Reg 5 Prepare journal entries to record the August events. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.). View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 15 > Purchased 5,600 square feet of oak on account at $26 per square foot. Note: Enter debits before credits Transaction General Journal Debit Credit a Record entry Clear entry View general journal Reg 1 Req 2 Req3 Req 4 COGM Req 4 COGS Req 5 Prepare journal entries to record the August events. (If no entry is required for a transaction/event, select "No journal entry require the first account field.) View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 15 Purchased 110 gallons of glue on account at $36 per gallon (indirect material). Note: Enter debits before credits Transaction b General Journal Debit Credit Record entry Clear entry View general journal View general journal Reg 1 Reg 2 Req3 Req 4 COGM Req 4 COGS Req 5 Prepare journal entries to record the August events. (If no entry is required for a transaction/event, select "No journal entry requirea the first account field.) View transaction list Journal entry worksheet < 1 2 3 4 8 15 Requisitioned 3,920 square feet of oak and 37 gallons of glue for production. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal Req 1 Req 2 Req3 Reg 4 COGM Req 4 COGS Reqs Prepare journal entries to record the August events. (If no entry is required for a transaction/event, select "No journal entry required" the first account field.) View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 15 Incurred and paid payroll costs of $200,500. of this amount, $52,000 were indirect labor costs; direct labor personnel earned $22 per hour. Note: Enter debits before credits General Journal Transaction d Debit Credit Record entry Clear entry View general Journal Req 1 Req 2 Req3 Req 4 COGM Req 4 COGS Reg 5 Prepare journal entries to record the August events. (If no entry is required for a transaction/event, select "No journal entry required the first account field.) View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 15 Paid factory utility bill, $16,250 in cash. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal Req 1 Req 2 Req 3 Req 4 COGM Req 4 COGS Req 5 Prepare journal entries to record the August events. (If no entry is required for a transaction/event, select "No journa the first account field.) View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 15 > August's insurance cost for the manufacturing property and equipment was $3,800. The premium had been paid in March. Note: Enter debits before credits. Transaction General Journal Debit Credit f Record entry Clear entry View general journal Req 1 Reg 2 Req3 Req 4 COGM Reg 4 COGS Reg 5 Prepare journal entries to record the August events. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 3 4 5 6 8 15 incurred $8,890 depreciation on manufacturing equipment for August. Note: Enter debits before credits Transaction General Journal Debit Credit 9 Record entry Clear entry View general Journal Req 1 Req 2 Req 3 Req 4 COGM Req 4 COGS Req 5 Prepare journal entries to record the August events. (If no entry is required for a transaction/event, select "No journa the first account field.) View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 15 > Recorded $2,550 depreciation on an administrative asset. Note: Enter debits before credits. Transaction General Journal Debit Credit h Record entry Clear entry View general journal Req 1 Req 2 Req3 Reg 4 COGM Req 4 COGS Reg 5 Prepare journal entries to record the August events. (If no entry is required for a transaction/event, select "No journal entry required" the first account field.) View transaction list Journal entry worksheet 4 5 6 7 8 9 15 Pald advertising expenses in cash, $5,770. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry view general Journal View general journal Req 1 Req 2 Req3 Req 4 COGM Req 4 COGS Req 5 Prepare journal entries to record the August events. (If no entry is required for a transaction/event, select "No the first account field.) View transaction list Journal entry worksheet < 1 ..... 5 6 7 8 9 10 15 > Incurred and paid other factory overhead costs, $14,100. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Req 1 Req 2 Reg 3 Req 4 COGM Req 4 COGS Reg 5 Prepare journal entries to record the August events. (If no entry is required for a transaction/event, select "No journal entry re the first account field.) View transaction list Journal entry worksheet 1 6 7 8 9 10 11 15 Incurred and paid miscellaneous selling and administrative expenses, $13,700. Note: Enter debits before credits. Transaction General Journal Debit Credit K Record entry Clear entry View general journal Reg 1 Req 2 Req3 Reg 4 COGM Req 4 COGS Req 5 Prepare journal entries to record the August events. (If no entry is required for a transaction/event, select "No journal entry required the first account field.) View transaction list Journal entry worksheet 1 8 9 10 11 12 13 15 Produced completed goods costing $149,000 during the month. Note: Enter debits before credits Transaction General Journal Debit Credit m Record entry Clear entry View general journal Req 1 Reg 2 Req 3 Req 4 COGM Req 4 COGS Reg 5 Prepare journal entries to record the August events. (If no entry is required for a transaction/event, select "No journal entry requ the first account field.) View transaction list Journal entry worksheet 1 8 9 10 11 12 13 14 15 > Sales on account in August were $135,000. Note: Enter debits before credits Transaction General Journal Debit Credit n1 Record entry Clear entry View general journal Req 1 Reg 2 Req3 Req 4 COGM Req 4 COGS Reg 5 Prepare journal entries to record the August events. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 1 8 9 10 11 12 13 14 15 The Cost of Goods Sold was $115,000. Note: Enter debits before credits General Journal Debit Credit Transaction n2 Record entry Clear entry View general Journal Required: 1. Compute the firm's predetermined factory overhead rate for the year. 2. Prepare foumal entries to record the August events. 3. Calculate the amount of overapplied or underapplied overhead to be closed to the Cost of Goods Sold account on August 31 4. Prepare a schedule of Cost of Goods Manufactured and Cost of Goods Sold. 5. Prepare the income statement for August. Complete this question by entering your answers in the tabs below. Req1 Reg 2 Reg 3 Reg 4 COGM Reg 4 COGS Reg 5 Calculate the amount of overapplied or underapplied overhead to be closed to the Cost of Goods Sold account on August 31. < Req2 Req 4 COGM >