need help with e) f and g. the info to solve is posted below

machine hours is posted below in c and d

e) If Superior had used machine hours to apply overhead, would their overhead have been over-or under-applied? By how much? f Assuming any over- or under-applied overhead is cleared to COGS, rewrite the journal entry that would have been required to clear the MOH Clearing account (similar to JE 1) above). g) Does this situation change the actual amount of overhead costs incurred (JE 1h)? Explain using 10 to 30 words. c) Instead of using direct labor hours to apply overhead, Superior could have used machine hours. Assume Superior had originally budgeted 14,000 machine hours for the year. Calculate the alternative predetermined rate. Hint: Use formula (1) above. (show 2 decimals) 3521320 -25,17 T4000 d) During the year, Superior actually incurred 14,500 hours of machine operating time. Calculate the amount of overhead they would had applied to WIP during the year. Hint: Use formula (2) above. 25.17X14,500 = 364,965 a) Assume Superior applics overhead using predetermined overhead rate based on direct labor hours. Assume Superior incurred 50,000 hours of direct labor (ACTUAL HOURS) during the year, calculate the predetermined overhead rate that was used to apply the overhead amount in JE d) above. Hint: Use formula (2) above. (show 2 decimals) Applied olh = 367.000 Actual hars = 500000 b) Now assume that Superior had budgeted for only 48,000 hours of direct labor. Determine the value of the overhead that would have beca BUDGETED for the year. Hint: Use formula (1) above. (Show whole number) =7.34 418100 X 7,34 3521320 = Budgeted oh 2 Transaction Debit Credit 266,000 General Journal Raw Material Accounts Payable (raw materials purchased) 266,000 b 289,000 Work in process Raw Material ( raw materials issued to production) 289,000 c 19,000 Work in Process Factory wages (Factory wages applied to WIP) 19,000 d 367,000 Work In Process Manufacturing Overhead (overhead applied to WIP) 367,000 712,000 Finished Goods Work in process (transferred to the finished goods) 712,000 1,064,000 Accounts Receivable Sales (Sales for the year) 1,064,000 667,000 667,000 h Cost of Goods Sold Finished Goods ((The total cost to produce the goods that were sold )) Manufacturing Overhead selling and administrative Accounts Payable (Actual manufacturing costs incurred) 351,000 351,000 16,000 Manufacturing Overhead Cost of Goods Sold (adjustment of over applied overheads) 16,000 Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost $ 219,000 $ 266,000 2 $ 159,000 $ 367,000 $ 351,000 Inventory balances at the beginning and end of the year were as follows: Raw materials Work in process Finished goods Beginning of Year End of Year $ 59,000 $ 36,000 $ 32,000 $ 38,000 The total manufacturing costs for the year were $675,000; the cost of goods available for sale totaled $750,000; the unadjusted cost of goods sold totaled $667.000; and the net operating income was $35,000. The company's underapplied or overapplied overhead is closed to Cost of Goods Sold. Required: Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement. (Hint: Prepare the income statement and schedule of cost of goods sold first followed by the schedule of cost of goods ARE AIRAAI Ek my work mode : This shows what is correct or incorrect for the work Income Statement COGS Schedule COGM Schedule Prepare an income statement for the year. Superior Company Income Statement Sales $ 1,064,000 651,000 413,000 Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses $ 219,000 159,000 378,000 $ 35,000 Net operating income Income Statement k my work mode : This shows what is correct or incorrect for the work Complete this question by entering your answers in the tabs bek Income Statement COGS Schedule COGM Schedule Prepare a schedule of cost of goods sold. $ Superior Company Schedule of Cost of Goods Sold Beginning finished goods inventory Add: Cost of goods manufactured Cost of goods available for sale Less: Ending finished goods inventory Unadjusted cost of goods sold Less: Overapplied overhead Adjusted cost of goods sold 38,000 712,000 750,000 83,000 667,000 16,000 651,000 A Income Statement COGN Complete this question by entering your answers in the tabs below. Income Statement COGS Schedule COGM Schedule Prepare a schedule of cost of goods manufactured. Superior Company Schedule of Cost Goods Manufactured $ 59,000 266,000 325,000 36,000 Direct materials: Beginning raw materials inventory Add: Purchases of raw materials Total raw materials available Less: Ending raw materials inventory Raw materials used in production Direct labor Manufacturing overhead applied to work in process Total manufacturing costs Add: Beginning work in process inventory $ 289,000 19,000 367,000 675,000 69,000 744,000 32,000 $ 712,000 Less: Ending work in process inventory Cost of goods manufactured e) If Superior had used machine hours to apply overhead, would their overhead have been over-or under-applied? By how much? f Assuming any over- or under-applied overhead is cleared to COGS, rewrite the journal entry that would have been required to clear the MOH Clearing account (similar to JE 1) above). g) Does this situation change the actual amount of overhead costs incurred (JE 1h)? Explain using 10 to 30 words. c) Instead of using direct labor hours to apply overhead, Superior could have used machine hours. Assume Superior had originally budgeted 14,000 machine hours for the year. Calculate the alternative predetermined rate. Hint: Use formula (1) above. (show 2 decimals) 3521320 -25,17 T4000 d) During the year, Superior actually incurred 14,500 hours of machine operating time. Calculate the amount of overhead they would had applied to WIP during the year. Hint: Use formula (2) above. 25.17X14,500 = 364,965 a) Assume Superior applics overhead using predetermined overhead rate based on direct labor hours. Assume Superior incurred 50,000 hours of direct labor (ACTUAL HOURS) during the year, calculate the predetermined overhead rate that was used to apply the overhead amount in JE d) above. Hint: Use formula (2) above. (show 2 decimals) Applied olh = 367.000 Actual hars = 500000 b) Now assume that Superior had budgeted for only 48,000 hours of direct labor. Determine the value of the overhead that would have beca BUDGETED for the year. Hint: Use formula (1) above. (Show whole number) =7.34 418100 X 7,34 3521320 = Budgeted oh 2 Transaction Debit Credit 266,000 General Journal Raw Material Accounts Payable (raw materials purchased) 266,000 b 289,000 Work in process Raw Material ( raw materials issued to production) 289,000 c 19,000 Work in Process Factory wages (Factory wages applied to WIP) 19,000 d 367,000 Work In Process Manufacturing Overhead (overhead applied to WIP) 367,000 712,000 Finished Goods Work in process (transferred to the finished goods) 712,000 1,064,000 Accounts Receivable Sales (Sales for the year) 1,064,000 667,000 667,000 h Cost of Goods Sold Finished Goods ((The total cost to produce the goods that were sold )) Manufacturing Overhead selling and administrative Accounts Payable (Actual manufacturing costs incurred) 351,000 351,000 16,000 Manufacturing Overhead Cost of Goods Sold (adjustment of over applied overheads) 16,000 Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost $ 219,000 $ 266,000 2 $ 159,000 $ 367,000 $ 351,000 Inventory balances at the beginning and end of the year were as follows: Raw materials Work in process Finished goods Beginning of Year End of Year $ 59,000 $ 36,000 $ 32,000 $ 38,000 The total manufacturing costs for the year were $675,000; the cost of goods available for sale totaled $750,000; the unadjusted cost of goods sold totaled $667.000; and the net operating income was $35,000. The company's underapplied or overapplied overhead is closed to Cost of Goods Sold. Required: Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement. (Hint: Prepare the income statement and schedule of cost of goods sold first followed by the schedule of cost of goods ARE AIRAAI Ek my work mode : This shows what is correct or incorrect for the work Income Statement COGS Schedule COGM Schedule Prepare an income statement for the year. Superior Company Income Statement Sales $ 1,064,000 651,000 413,000 Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses $ 219,000 159,000 378,000 $ 35,000 Net operating income Income Statement k my work mode : This shows what is correct or incorrect for the work Complete this question by entering your answers in the tabs bek Income Statement COGS Schedule COGM Schedule Prepare a schedule of cost of goods sold. $ Superior Company Schedule of Cost of Goods Sold Beginning finished goods inventory Add: Cost of goods manufactured Cost of goods available for sale Less: Ending finished goods inventory Unadjusted cost of goods sold Less: Overapplied overhead Adjusted cost of goods sold 38,000 712,000 750,000 83,000 667,000 16,000 651,000 A Income Statement COGN Complete this question by entering your answers in the tabs below. Income Statement COGS Schedule COGM Schedule Prepare a schedule of cost of goods manufactured. Superior Company Schedule of Cost Goods Manufactured $ 59,000 266,000 325,000 36,000 Direct materials: Beginning raw materials inventory Add: Purchases of raw materials Total raw materials available Less: Ending raw materials inventory Raw materials used in production Direct labor Manufacturing overhead applied to work in process Total manufacturing costs Add: Beginning work in process inventory $ 289,000 19,000 367,000 675,000 69,000 744,000 32,000 $ 712,000 Less: Ending work in process inventory Cost of goods manufactured