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Please answer all requirements ECT Homework Ch 2&3 Saved Gitano Products operates a job-order costing system and applies overhead cost to jobs on the basis
Please answer all requirements
ECT Homework Ch 2&3 Saved Gitano Products operates a job-order costing system and applies overhead cost to jobs on the basis of direct materials used in production (not on the basis of raw materials purchased). Its predetermined overhead rate was based on a cost formula that estimated $108,000 of manufacturing overhead for an estimated allocation base of $90,000 direct material dollars to be used in production. The company has provided the following data for the just completed year: Purchase of raw naterials $138,000 Direct labor cost Manufacturing overhead costs: $ 86,e00 Indirect labor 89,e00 8,e00 18,000 $ Property taxes Depreciation of equipment Maintenance 12,e00 11,700 36,000 Insurance Rent, building Beginning $ 21,000 $ 17,000 $ 47,000 38,000 $ 69,000 60,000 Ending Raw Materials Work in Process Finished Goods Required: 1. Compute the predetermined overhead rate for the year. 2. Compute the amount of underapplied or overapplied overhead for the year. 3. Prepare a schedule of cost of goods manufactured for the year. Assume all raw materials are used in production as direct materials. 4. Compute the unadjusted cost of goods sold for the year. Do not include any underapplied or overapplied overhead in your answer 5. Assume that the $38,000 ending balance in Work in Process includes $8,200 of direct materlals. Given this assumption, supply the information missing below Complete this question by entering your answers in the tabs below. Next> 2 of 3 Prev Required 2 Required 1 Required 3 Required 4 Required 5 Prepare a schedule of cost of goods manufactured for the year. Assume all raw materials are materials. Gitano Products Schedule of Cost of Goods Manufactured Direct materials: Total raw materials available Raw materials used in production Total manufacturing costs 0 Cost of goods manufactured KRequired 2 Required 4 ( Prev 2 of 3 Step by Step Solution
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