Problem 3-14 (Algo) Schedule of Cost of Goods Manufactured; Overhead Analysis [LO3-3, LO3-4] Gitano Products operates a job-order costing system and applies overhead cost to jobs on the basis of direct materials used in production (not on the basis of raw materials purchased). its predetermined overhead rate was based on a cost formula that estimated $121,800 of manufacturing overhead for an estimated allocation base of $87,000 direct material dollars to be used in production. The company has provided the following data for the just completed year: Required: 1. Compute the predetermined overhead rate for the year. 2. Compute the amount of underapplied or overapplied overhead for the year. 3. Prepare a schedule of cost of goods manufactured for the year. Assume all raw materials are used in production as direct materials. 4. Compute the unadjusted cost of goods sold for the year, Do not include any underapplied or overapplied overhead in your answer. 5. Assume that the $40,000 ending balance in Work in Process includes $8,100 of direct materials. Given this assumption, supply the information missing below: Complete this question by entering your answers in the tabs below. Compute the predetermined overnead rate for the year. Problem 3-14 (Algo) Schedule of Cost of Goods Manufactured; Overhead Analysis [LO3-3, LO3-4] Gitano Products operates a job-order costing system and applies overhead cost to jobs on the basis of direct materials used in production (not on the basis of raw materials purchased). Its predetermined overhead rate was based on a cost formula that estimated $121,800 of manufacturing overhead for an estimated allocation base of $87,000 direct material dollars to be used in production. The company has provided the following data for the just completed year: Required: 1. Compute the predetermined overhead rate for the year: 2. Compute the amount of underapplied or overapplied overhead for the year. 3. Prepare a schedule of cost of goods manufactured for the year. Assume all raw materials are used in production as direct materials. 4. Compute the unadjusted cost of goods sold for the year. Do not include any underapplied or overapplied overhead in your answer. 5. Assume that the $40,000 ending batance in Work in Process includes $8,100 of direct materials. Given this assumption, supply the information missing below: Complete this question by entering your answers in the tabs below. Compute the amount of underapplied or overapplied overhead for the year. Insurance \& 10,000 Rent, building \$. 33,000 Required: 1. Compute the predetermined overhead rate for the year. 2. Compute the amount of underapplied or overapplied overhead for the year. 3. Prepare a schedule of cost of goods manufactured for the year. Assume all raw materials are used in production as direct m 4. Compute the unadjusted cost of goods sold for the year. Do not include any underapplied or overapplled overhead in your 5. Assume that the $40,000 ending balance in Work in Process includes $8,100 of direct materials. Given this assumption, sup information missing below: Complete this question by entering your answers in the tabs below. Prepare a schedule of cost of goods manufactured for the year. Assume all raw materials are used in production as direct materials. Problem 3-14 (Algo) Schedule of Cost of Goods Manufactured; Overhead Analysis [LO3-3, LO3- Gitano Products operates a job-order costing system and applies overhead cost to jobs on the basis of direct materials use production (not on the basis of raw materials purchased). Its predetermined overhead rate was based on a cost formula that $121,800 of manufacturing overhead for an estimated allocation base of $87,000 direct material dollars to be used in produ company has provided the following data for the just completed year: Required: 1. Compute the predetermined overhead rate for the year. 2. Compute the amount of underapplied or overapplied overhead for the year. 3. Prepare a schedule of cost of goods manufactured for the year. Assume all raw materials are used in production as direct mi 4. Compute the unadjusted cost of goods sold for the year. Do not include any underapplied or overapplied overhead in your a 5. Assume that the $40,000 ending balance in Work in Process includes $8,100 of direct materials. Given this assumption, supp information missing below: Complete this question by entering your answers in the tabs below. Compute the unadjusted cost of goods sold for the year. Do not include any underapplied or overapplied overhead in your answer. Problem 3-14 (Algo) Schedule of Cost of Goods Manufactured; Overhead Analysis [LO3 Gitano Products operates a job-order costing system and applies overhead cost to jobs on the basis of direct ma production (not on the basis of raw materials purchased). Its predetermined overhead rate was based on a cost $121,800 of manufacturing overhead for an estimated allocation base of $87,000 direct material dollars to be use company has provided the following data for the just completed year: Required: 1. Compute the predetermined overhead rate for the year. 2. Compute the amount of underapplied or overapplied overhead for the year. 3. Prepare a schedule of cost of goods manufactured for the year. Assume all raw materials are used in production a 4. Compute the unadjusted cost of goods sold for the year. Do not include any underapplied or overapplied overhea 5. Assume that the $40,000 ending balance in Work in Process includes $8,100 of direct materials. Given this assump information missing below: Complete this question by entering your answers in the tabs below. Assume that the $40,000 ending balance in Work in Process includes $8,100 of direct materials. Given this assumption, supply the information missing below
