PA2-8 (Algo) Recording Manufacturing Costs, Preparing a cost of Goods Manufactured Report, and Calculating Income from Operations (LO 2-3, 2-4,2-5,2-6) Dobson Manufacturing Company uses a job order cost system with manufacturing overhead applied to products on the basis of direct labor dollars. At the beginning of the most recent period, the company estimated its total direct labor cost to be $58,000 and its total manufacturing overhead cost to be $104,400. Several incomplete general ledger accounts show the transactions that occurred during the most recent accounting period which is given in second requirement. Required: 1. Calculate the predetermined overhead rate. 2. Fill in the missing values in the T-accounts 3. Compute over- or underapplied overhead. 4. Prepare a statement of cost of goods manufactured and sold including the adjustment for over or underapplied overhead. 5. Prepare a brief income statement for the company Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required Calculate the predetermined overhead rate. Predetermined Overhead Rate % of Direct Labor Cost Required 2 > work Saved Help Save & Exit Check me Required 1 Required 2 Required 3 Required 4 Required 5 Fill in the missing values in the T-accounts. Raw Materials Inventory 13,500 93.900 28,700 Work in Process Inventory 28,500 69,000 Beginning Balance Purchases Ending Balance Beginning Balance Direct Materials Direct Labor Applied Overhead Ending Balance $ 40.700 19,600 Cost of Goods Sold Finished Goods Inventory 41,600 Beginning Balance Cost of Goods Completed Ending Balance Unadjusted Cost of Goods Sold Adjusted Cost of Goods Sold 49,200 Sales Revenue Applied Overhead 306,000 Indirect Materials Indirect Labor Factory Depreciation Factory Rent Factory Uslities Other Factory Costs Actual Overhead Manufacturing Overhead 9,700 14,800 12,000 5.400 1,700 8.800 52,400 Sond Help Save & Exit SU Check my w Finished Goods Inventory 41,600 Cost of Goods Sold Beginning Balance Cost of Goods Completed Ending Balance Unadjusted Cost of Goods Sold Adjusted Cost of Goods Sold 49,200 Sales Revenue Manufacturing Overhead 9,700 306,000 Applied Overhead 14,800 Indirect Materials Indirect Labor Factory Depreciation Factory Rent Factory Utilities Other Factory Costs Actual Overhead 12,000 5.400 1,700 8.800 52 400 Selling, General, and Administrative Expenses Adm. Salaries 27.700 Office Depreciation 19,300 Advertising 13,100 Ending Balance 60,100 Required 1 Required 3 > Required: 1. Calculate the predetermined overhead rate. 2. Fill in the missing values in the T-accounts. 3. Compute over- or underapplied overhead. 4. Prepare a statement of cost of goods manufactured and sold including the adjustment for over- or underapplied overhead. 5. Prepare a brief income statement for the company. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Compute over- or underapplied overhead. Manufacturing Overhead ed 2 Required 4 > Overapplied by Underapplied by que se ezto.mheducation.com ter 2 Homework Saved Help Say Required 1 Required 2 Required 3 Required 4 Required 5 Prepare a statement of cost of goods manufactured and sold including the adjustment for over- or underapplied overhead. DOBSON MANUFACTURING COMPANY Cost of Goods Manufactured and Sold Report Look Direct Materials used in Production rences Total Current Manufacturing Costs Total Work in Process Cost of Goods Manufactured Cost of Goods Available for Sale Unadjusted Cost of Goods Sold Adjusted Cost of Goods Sold Required: 1. Calculate the predetermined overhead rate. 2. Fill in the missing values in the T-accounts. 3. Compute over- or underapplied overhead. 4. Prepare a statement of cost of goods manufactured and sold including the adjustment for over- or underapplied overhead. 5. Prepare a brief income statement for the company. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Prepare a brief income statement for the company. DOBSON MANUFACTURING COMPANY Income Statement Net Income from Operations
