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Need help thankss The following incomplete information is provided in relation to Leapfield Lid for the month of January. (i) The actual labour rate is

Need help thankss

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The following incomplete information is provided in relation to Leapfield Lid for the month of January. (i) The actual labour rate is $15 per hour, and overhead is applied on the basis of $12 per direct labour hour. (ii) Jobs sold during the month were sold for $550,000 (credit sales). The cost of the goods sold during the month was $400,000. (iii) Office supplies inventory worth $4,700 were issued to production during January. (iv) A total of 5,000 labour hours were worked during normal working hours. Total overhead premiums incurred during the month are $5,200. (v) Sundry manufacturing overhead costs incurred during January were $60,000. Raw Material Inventory Work in Process Inventory Bal. 1/1 $35,000 b) Bal. 1/1 $42,500 f) a) Bal 31/1 $24,000 Bal 31/1 $31,600 Finished Goods Inventory Cost of Goods Sold Bal. 1/1 $75,000 h) g) Bal 31/1 $47,000 Manufacturing Overhead Sales Revenue 1 ) A/C Rec $550,000 Sundry OH $60,000 Required: i) Complete the T accounts providing the amounts of a) to I) to show the flow of costs through the company's manufacturing accounts. (NB: No entry is required to close the amount of over/under applied overhead in this part of the question) (6 marks) ii) Was manufacturing overhead under/over applied during January and by how much? Record the journal entry to close the under/over applied manufacturing overhead. (2 marks)

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