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please help and show all steps!!please Baab Corporation is a manufacturing firm that uses job-order costing. The company's inventory balances were as follows at the
please help and show all steps!!please
Baab Corporation is a manufacturing firm that uses job-order costing. The company's inventory balances were as follows at the beginning and end of the year Raw materials Work in process Finished Goods Beginning Balance $ 14,400 $ 27,400 $ 62,400 Ending Balance $ 22,400 $ 9,400 $ 27,400 The company applies overhead to jobs using a predetermined overhead rate based on machine-hours. At the beginning of the year, the company estimated that it would work 33 400 machine-hours and incur S260,520 in manufacturing overhead cost. The following transactions were recorded for the year Raw materials were purchased, $315,400. . Raw materials were requisitioned for use in production, $307 400 ($280.600 direct and $26,800 indirect) The following employee costs were incurred direct labor $377.400 indirect labor $96,400, and administrative salaries. $172,400 Selling costs, $147.400 Factory utility costs $10.400. Depreciation for the year was $151,000 of which $135,000 is related to factory operations and S16,000 is related to selling. general, and administrative activities Manufacturing overhead was applied to jobs The actual level of activity for the year was 34,080 machine hours. Sales for the year totaled $1,269.000 . . . Required: a Prepare a schedule of cost of goods manufactured b. Was the overhead underapplied or overapplied? By how much? c Prepare an income statement for the year The company closes any underapplied or overapplied overhead to Cost of Goods Sold Comnlete this question by entering your answers in the table below. c. Prepare an income statement for the year. The company closes any underapplied or overapplied overhead to Cost of Goods Sold. Complete this question by entering your answers in the table below. Required A Required B Required Prepare a schedule of cost of goods manufactured, Baab Corporation Schedule of Cost of Goods Manufactured Direct materials Total raw materials available 0 Total Raw materials used in production 0 Direct materials used in production 0 0 Total manufacturing costs added to production Total manufacturing costs to account for 0 $ 0 Cost of goods manufactured Required B > Required: a. Prepare a schedule of cost of goods manufactured b Was the overhead underapplied or overapplied By how much? c. Prepare an income statement for the year. The company closes any underapplied or overapplied overhead to Cost of Goods Sold Complete this question by entering your answers in the table below. Required A Required B Required Was the overhead underapplied or overapplied By how mucho your answers in the table below. Required A Required Required Prepare an income statement for the year. The company closes any underapplied or overapplied overhead to cost of Goods Sold Baab Corporation Income Statumen 0 Selling and administrative expenses 6 4 Required Step by Step Solution
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