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B D E F G Boyd Corporation is a manufacturer that uses job-order costing. On January 1, 2024, the company's inventory balances were as follows: Raw Materials Inventory Work-in-Process Inventory Finished Goods Inventory $40,000 $18,000 $35,000 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, 2024, the company's predetermined overhead rate of $16.25 per direct labor-hour was based on a cost formula that estimated $650,000 of total manufacturing o overhead for an estimated activity level of 40,000 direct labor-hours. 1 13 14 12 Requirements: Compute the predetermined overhead allocation rate for fiscal year 2024 Use 1. the blue shaded areas for inputs. (MOH Tab) Use Excel to journalize the transactions listed in the Transactions tab for the 2. current year, 2024. (Journal Entries tab) Enter the beginning balances for the inventories in the T-accounts. Assume the rest of the accounts have beginning balances of zero Post the journal entries to T-accounts. T-account balances will automatically calculate except for Manufacturing Overhead. You will need to calculate the appropriate 3. balance in that account. (T-Accounts tab) 4. Adjust the manufacturing overhead account. (MOH adj tab) Prepare the journal entry. b. Post to T-accounts 5. Complete the Schedule of Cost of Goods Manufactured for 2024 6. Complete the cost of Goods Sold schedule for 2024. 7. Prepare income statements in good form for Boyd for 2024 a 15 16 17 18 19 20 21 22 Boyd makes its product for approximately $3,400 each and sells them for S5600 each. Management budgets monthly fixed costs of $530 750 for Instructions data Transactions MOH Rate Solution Journal Entries Solution TAccounts Solution Ready Type here to search RI *3 B The following transactions were recorded for the year: a Raw materials were purchased on account, $510,000. Raw materials used in production, $480,000. All of the raw materials were used as direct b materials. The following costs were accrued for employee services: direct labor, $600,000; indirect c labor, $150,000, selling and administrative salaries, $240,000. Incurred various selling and administrative expenses (e.g., advertising, sales travel costs, and d finished goods warehousing), $367,000. Incurred various manufacturing overhead costs (e.g., rent, insurance, and utilities), $500,000. Manufacturing overhead cost was applied to production. The company actually worked 41,000 f direct labor-hours on all jobs during the year. Jobs costing $1,680,000 to manufacture according to their job cost sheets were completed og during the year. Jobs were sold on account to customers during the year for a total of $2,800,000. The jobs 1 h cost $1,690,000 to manufacture according to their job cost sheets. e 2 3 4 5 6 17 18 79 20 21 22 22 Requirement 5: Complete the Schedule of Cost of Goods Manufactured. 1 2 3 4 5 Schedule of Cost of Goods Manufactured 6 7 8 9 10 11 12 13 14 15 16 17 Requirement 6: Complete the Cost of Goods Sold schedule. 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 Schedule of Cost of Goods Sold 35 36 37 instructions data Transactions Ready MOH Rate Solution Journal Entries Solution T-AR Type here to search Format Painter Clipboard Font Alignment Number 25 fa A B D E 7 3 .9 Income Statement 50 51 52 53 54 55 56 57 58 59 60 61 Requirement 8 62 Use the information provided below the high low method and the contbution margin approach to prepare a contribution format income statement 63 Use your mixed cost formulas to create your contribution format statement 64 Reference the DATA cels) as provided to complete your statement below Format as numbers. Round to 2 decimal places 65 66 Boyd Corporation 67 Income Statement 68 For the Year 2023 69 Sales Revenue $ 2 600 000 70 Cost of Goods Sold 1443.760 71 Gross Profit 1.156,240 72 Selling and Administrative Expenses 497,000 73 Operating Income $ 659 240 74 75 Boyd sold 400 units in 2023 76 72 78 High Low Method 79 Cost of Goods Sold BO Step 1. Variable cost per unit 81 82 Step 2 - Fixed Cost 33 34 Step 3. Mixed Cost Formula 85 06 Selling & Administrative Costs 87 Step 1 - Vanable cost per unit 82 89 Step 2 - Fixed Cost 90 91 Step 3 - Mixed Cost Formula 92 93 Instructions data Transactions MOH Rate Solution Journal Entries Solution Ready T-Accounts Solution MOH ad and Type here to search si 93 94 95 96 Contribution Format 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111