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Nicole Limited is a company that produces machinery to customer orders, using a normal job-order cost system. It applies manufacturing overhead to production using a predetermined rate. This overhead rate is set at the beginning of each fiscal year by forecasting the year's overhead and relating it to direct labour costs. The budget for 2020 was as follows: Direct labour $1,805,000 Manufacturing overhead 902,500 As at the end of the year, two jobs were incomplete. These were 1768B, with total direct labour charges of $110,500, and 1819C, with total direct labour charges of $390,600. On these jobs, machine hours were 287 hours for 1768B and 647 hours for 1819C. Direct materials issued for 1768B amounted to $221,000, and for 1819C they amounted to $420,600. Total charges to the Manufacturing Overhead Control account for the year were $903,500, and direct labour charges made to all jobs amounted to $1,582,000, representing 247,500 direct labour hours. There were no beginning inventories. In addition to the ending work in process just described, the ending finished goods inventory account showed a balance of $557,300. Sales for the year amounted to $6,201,300; cost of goods sold totalled $3,622,450; and sales, general, and administrative expenses were $1,851,800. The above amounts for inventories and the cost of goods sold have not been adjusted for any over- or under- application of manufacturing overhead to production. It is the company's practice to allocate any over- or under- applied overhead to inventories and the cost of goods sold. Calculate the under-or over-applied manufacturing overhead for 2020. (Round answer to the nearest whole dollar, e.g. 5,275.) Manufacturing overhead Prorate the amount calculated in part (a) based on the ending balances (before prorating) of Work in Process, Finished Goods, and cost of Goods Sold. (Round allocation percentage to 2 decimal places, e.g. 15.25% and final answers to the nearest whole dollar, e.g. 5,275.) Allocation Cost of goods sold Finished goods inventory WIP inventory hs Total Prepare an income statement for the company for the year. The income tax rate is 40%. (Round answers to the nearest whole dollar, e.g. 5,275.) NICOLE LIMITED Income Statement > Prepare an income statement for the company for the year. The income nearest whole dollar, e.g. 5,275.) NICOLE LIMITED Income Statement $ For the Month Ended 2020 For the Year Ended 2020 V $ Prepare an income statement for the company for the year. The income nearest whole dollar, e.g. 5,275.) NICOLE LIMITED Income Statement UA $ V Ending balance, December 31 Beginning balance, January 1 Sales Net income before taxes Adjusted cost of goods sold Operating expenses Gross profit / (Loss) Taxes Net income / (Loss) > $ Prepare an income statement for the company for the year. The incon nearest whole dollar, e.g. 5,275.) NICOLE LIMITED Income Statement v $ V : v Add Less Net income before taxes Net income / (Loss) Sales Adjusted cost of goods sold Taxes $ Beginning balance, January 1 Gross profit / (Loss) Ending balance, December 31 Operating expenses Question Attempts: 0 of 2 used Prepare an income statement for the company for the year. The income tax ra nearest whole dollar, e.g. 5,275.) NICOLE LIMITED Income Statement V > 10 $ Taxes Sales Net income / (Loss) Net income before taxes Beginning balance, January 1 Ending balance, December 31 Adjusted cost of goods sold Gross profit/ (Loss) Polic Operating expenses Question Attempts: 0 of 2 used SAL s, Inc. All Rights Reserved. A Division of John Wiley & Prepare an income statement for the company for the year. The income tax rate is nearest whole dollar, e.g. 5,275.) NICOLE LIMITED Income Statement > Question Attempts: 0 of 2 used SA Net income before taxes Taxes Beginning balance, January 1 Net income / (Loss) Adjusted cost of goods sold Ending balance, December 31 Polic Sales Gross profit/ (Loss) Operating expenses is, Inc. All Rights Reserved. A Division of John Wiley