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10:47 . Untitled docume... a N QUESTION 1 The Go-Magic company uses job-order costing system. The following data relate to the first quarter of the company's fiscal year a. Materials purchased on credit $190.000 b. Materials issued from store room to production $175.000 75% direct materials and 20% indirect materials c. Utility costs incurred in the factory $19,000 d. Cost of employee salaries a. Direct Labour $45.000 b. Indirect cost and support workers in the factory $23.000 c Marketing salaries $65.000 e. Advertising cost incurred $84.000 t. Prepaid insurance expired during the quarter $75,000[ the ratio of insurance production to admin insurance = 2:11 g. Rental cost $36.000 selling cost consists of 25% of the total rental cost! h. Company applies manufacturing overhead based on machine hours Budgeted overhead cost $200,000 and Estimated machine hours = 42000 hours Actual machine hours worked - 45.000 hours Calculate the PR and joumalize the applied cost Goods costing to produce =$1.400.000 were completed during the quarter Sales on credit = $3,000,000 REQUIRED 1. Prepare Journal entries for the quarter 2. Is overhead cost under-applied or over-applied? What adjustment should be made to correct the cost of goods account QUESTION 2 Goods costing to produce = $1,400,000 were completed during the quarter Sales on credit = $3,000,000 3 of 5 REQUIRED 1. Prepare Journal entries for the quarter 2. Is overhead cost under-applied or over-applied? What adjustment should be made to correct the cost of goods account QUESTION 2 Venus Ltd has identified the following overhead costs and cost drivers for next year Company uses machine hours to allocate overhead Overhead Items ESTIMATED{ cost) Budgeted machine hours 34000 Budgeted overhead cost $20.000 The following is one of the jobs completed during the year Job 520 Direct materials $4600 Hourly rate for DL $25 Units completed 400 Direct Labour Hours (actual 140 Machine hours actual 545 Number of orders 4 Number of set ups 16 Kilowall hours 25 Actual overhead $2250 REQUIRED 1. Calculate the predetermined rate for the plant using functional based costing for the job 2. Calculate the applied cost for Job 3. Calculate total product cost using FBC of the job 4. Calculate the unit cost for job? 5. Is the overhead over-applied or under-applied? Question 3 Initial investment $27.500 Cash flow for 4 years = $5974 annually Last year cash flow = $8,014 Discount Rate = 7% REQUIRED 1. What is the discounted payback period 2. Find the Net Present Value and the profitability Index 3. Calculate the internal rate of return