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Please Show all work and calculations used to get to the answers!! Question 1: Powell Company uses a job costing system. During the month of

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Please Show all work and calculations used to get to the answers!!

Question 1: Powell Company uses a job costing system. During the month of May, Powell spent most of its time on job A50, which was started late in April. Following is cost information for job A50, other May costs, and relevant annual estimates. Materials issued: 80% for Direct Use on job A50 and 20% for Indirect Use through May S 6,000 Labor Direct Labor for job A50 (300 DLH $20 per DLH) Indirect Labor for May Other May Costs: Depreciation (30% Factory and 70% Administrative) Other (70% Factory and 30% Administrative) Overhead Cost Driver: Direct Labor Hours (DLH) Estimated Annual Overhead Estimated Annual DLH Markup-as a percent of cost Required (1) Calculate the pre-determined overhead rate and use it to calculate the overhead to be applied for May to job A50? 6,800 410 1,000 700 24,000 3,000 40% (2) What are total manufacturing costs for May for job A50? (3) Prepare the journal entry when job A50 is completed on May 15, assuming that the May 1 work-in- inventory for job A50 was $500 (4) Calculate the under- or over-applied overhead for May and prepare a journal entry to close overapplied or underapplied overhead into cost of goods sold on May 31

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