Name Scenario: Lopez Kayaks makes 3 different models of Kayaks. In mid-March Lopez Kayaks stopped production due to the pandemic. Fortuntatley all of the finished Kayaks had been sold and delivered prior to then end of March. Jobs 306 and 307 were incomplete. When restrictions were partially lifted in May, Kayak was able to begin production again, working again on Jobs 306 and 307 and start Job 308. The information for March and May follows. Check figures: Total Beginning Work in Process inventory in J8 Total cost of jobs in J15 Total cost of goods manufacutered in H27 Underapplied overhead 121,000 1,086,000 828,500 5,000 Instructions Step 1 Complete the job cost sheets Work in process (March Costs): Record direct materials Record direct labor Apply overhead using the predetemined overhead rate. Calculate beginning working process inventory for each job and the total Costs added in May Repeat above Calculate total costs added in May C. Calculate the total cost of all jobs Step 2 Complete a Schedule of Costs of Goods Manufactured For the Month ended May 31 Use the drop down boxes provided for titles. Step 3 Calculate over or under applied factory overhead Use the T account to post applied overhead for May (credit) Reference total May applied overhead in the job cost sheets Use the Taccount to post actual overhead for May (debit) Reference the actual amounts in the green data section. Calculate over or under applied factory overhead Step 4 Calculate gross profit for May 2020 Reminder: How does underapplied overhead affect COGS How does overrapplied overhead affect COGS Factory Overhead Actual Applied amounts amounts Overhead Costs Factory Overhead Balance Overhead Is Adjusting Journal Entry Required Actual > Applied Debit Underapplied Cost of Goods Sold Factory Overhead Overapplied Factory Overhead Cost of Goods Sold Actual