please help me complete the bolded questions for my Accounting homework.Thank you!!
GRAY All of the questions are based on the "American Drum Company," (ADC), ADC builds high and Latin percussion instruments. ADC is a small manufacturer based in a small mid-west 50 years ADC has developed a following of talented musicians and ADC drums have a repu outstanding results in recording studios. Due to the brand's success, the company is expa its manufacturing facilities and product line rapidly. Along with success it is also experien record-keeping, accounting, and financial challenges In addition to completing the number-related questions, it will be equally important for y in to the issues ADC faces when asked to do so. Display all your work on separate, well or typed, sheets of paper. Staple your work so that it does not become misplaced, and label and problem so they are easy to identify Questions that need to be answered are in bold print (just like this). 1) Labor, Materials, and Overhead 1a) What is direct labor? 16) What are direct materials? ic) What is factory overhead (a.k.a manufacturing overhead or simply "overhead.")? 1d) If overhead is over or under applied, how is the error corrected? 2) Job-Cost System ADC will often do a "production run" where ADC sets-up the machines to produce stock di production run may consist of anywhere from 100 to 1,000 identical drums. Each product is considered to be a job and requires a single job-cost sheet. Increasingly, ADC is also cre drums as requested by famous touring music acts. These custom drums also require a job ADC updates all of its cost data at the end of each and every week. The following informa the 3rd week in April 2a) Information regarding the predetermined manufacturing overhead rate for ADC is asf Total estimated manufacturing overhead for the entire year: Total estimated direct labor dollars for the entire year