per hour. Mooresville Corporation manufactures reproductions of eighteenth-century, classical-style furniture. It uses a job costing system that applies factory overhead on the basis of direct labor hours. Budgeted factory overhead for the year was $1,600,500, and management budgeted 97.000 direct labor hours. Mooresville had no Materials, Work-in-Process, or Finished Goods Inventory at the beginning of August. These transactions were recorded during August: a. Purchased 7,000 square feet of oak on account at $26 per square foot. b. Purchased 250 gallons of glue on account at $36 per gallon (indirect material). c. Requisitioned 4.900 square feet of oak and 51 gallons of glue for production. d. Incurred and paid payroll costs of $229,900. Of this amount. $66.000 were indirect labor costs; direct labor personnel earned $22 e. Paid factory utility bill. $18.630 in cash. f. August's insurance cost for the manufacturing property and equipment was $4.500. The premium had been paid in March. 9. Incurred $9.800 depreciation on manufacturing equipment for August. h. Recorded $2.900 depreciation on an administrative asset. 1. Paid advertising expenses in cash. $6.400. j. Incurred and paid other factory overhead costs, $15,500. k. Incurred miscellaneous selling and administrative expenses. $14.750. 1. Applied factory overhead to production on the basis of direct labor hours. m. Produced completed goods costing $156,000 during the month. n. Sales on account in August were $147,400. The Cost of Goods Sold was $122,000. Required: 1. Compute the firm's predetermined factory overhead rate for the year. 2 Prepare journal entries to record the August events. 3. Calculate the amount of overapplied or underapplied overhead to be closed to the Cost of Goods Sold account on August 31 4. Prepare a schedule of Cost of Goods Manufactured and cost of Goods Sold. 5. Compute the amount of overapplied or underapplied overhead that should be prorated to Work-in-Process, Finished Goods and Cost of Goods Sold. 6. Prepare the income statement for August Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Reg 3 Reg 4 COGM Reg 4 COGS Reg 5 Reg 6 Compute the firm's predetermined factory overhead rate for the year. (Round your answer to 2 decimal places.) Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Reg 3 Req 4 COGM Reg 4 COGS Req5 Reg 6 Compute the firm's predetermined factory overhead rate for the year. (Round your answer to 2 decimal places.) Predetermined overhead rate per direct labor-hour Req 2 > Reg 1 Reg 2 Reg 3 Reg 4 COGM Reg 4 COGS Reg 5 Reg 6 Prepare journal entries to record the August events. (If no entry is required for a transaction/event, select "No journal the first account field.) View transaction list Journal entry worksheet Purchased 7,000 square feet of oak on account at $25 per square foot. Note: Enter debits before credits Transaction General Journal Debit Credit a. Record entry Clear entry View general journal Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Reg 3 Reg 4 COGM Reg 4 COGS Reg 5 Reg 6 Calculate the amount of overapplied or underapplied overhead to be closed to the cost of Goods Sold account on August 31. Prepare a schedule of Cost of Goods Manufactured. Mooresville Corporation Statement of Cost of Goods Manufactured For the Month Ended August 31 Direct materials used Total direct materials available Direct materials used Total manufacturing costs incurred during year Total manufacturing costs to account for Cost of goods manufactured Actual overhead Total factory overhead Total applied overhead Prepare a schedule of Cost of Goods Sold. Mooresville Corporation Schedule of Cost of Goods Sold For the Month Ended August 31 Finished goods inventory, beginning Cost of goods manufactured Total goods available for sale Finished goods inventory ending Cost of goods sold RenACOM Re Compute the amount of overapplied or underapplied overhead that should be prorated to Work-in-process, Finished Goods and Cost of Goods Sold. (Round both the relative Amount and the Share of overapplied overhead to two decimal places.). Share of overapplied overhead Relative amount Balance % Ending Work-in-Process Ending Finished Goods Cost of Goods Sold %6 % Total % Reg 1 Reg 2 Reg 3 Reg 4 COGM Reg 4 COGS Reg 5 Reg 6 Prepare the income statement for August. Mooresville Corporation Income Statement For the Month Ended August 31 Total selling & administrative expenses