Q17: Answer Parts A, B, & C

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TB Problem Qu. 3-252 Baab Corporation is a ... 17 Baab Corporation is a manufacturing firm that uses job-order costing. The company's inventory balances were as follows at the beginning and end of the year 11 Beginning Ending Balance Balance polnts Raw materials $14,300 $22,300 $ 27,300 9,300 62,300 $77,300 Work in process Finished Goods eBook The company applies overhead to jobs using a predetermined overhead rate based on machine-hours. At the beginning of the year, the company estimated that it would work 33,300 machine-hours and incur $253,080 in manufacturing overhead cost. The following transactions were recorded for the year: References Raw materials were purchased, $315,300. Raw materials were requisitioned for use in production, $307,300 ($280,700 direct and $26,600 indirect). The following employee costs were incurred: direct labor, $377,300; indirect labor, $96,300; and administrative salaries, $172,300. Selling costs, $147,300. Factory utility costs, $10,300. Depreciation for the year was $145,000 of which $127,000 is related to factory operations and $18,000 is related to selling, general, and administrative activities. Manufacturing overhead was applied to jobs. The actual level of activity for the year was 34,060 machine-hours. Sales for the year totaled $1,265,000. Required: a. Prepare a schedule of cost of goods manufactured. b. Was the overhead underapplied or overapplied? By how much? c. Prepare an income statement for the year. The company closes any underapplied or overapplied overhead to Cost of Goods Sold. Required: a. Prepare a schedule of cost of goods manufactured. b. Was the overhead underapplied or overapplied? By how much? c. Prepare an income statement for the year. The company closes any underapplied or overapplied overhead to Cost of Goods Sold. 17 Complete this question by entering your answers in the table below. 11 polnts Required C Required A Required B Prepare a schedule of cost of goods manufactured. (Round your intermediate calculations to 2 decimal places.) eBook Baab Corporation Schedule of Cost of Goods Manufactured References Direct materials: Total raw materials available Raw materials used in production Total manufacturing costs Cost of goods manufactured Raw materials were purchased, $315,300. Raw materials were requisitioned for use in production, $307,300 ($280,700 direct and $26,600 indirect) The following employee costs were incurred: direct labor, $377,300; indirect labor, $96,300; and administrative salaries, $172,300. Selling costs, $147,300. Factory utility costs, $10,30O. Depreciation for the year was $145,000 of which $127,000 is related to factory operations and $18,000 is related to selling general, and administrative activities. Manufacturing overhead was applied to jobs. The actual level of activity for the year was 34,060 machine-hours Sales for the year totaled $1,265,000 17 11 polnts Required: a. Prepare a schedule of cost of goods manufactured. b. Was the overhead underapplied or overapplied? By how much? c. Prepare an income statement for the year. The company closes any underapplied or overapplied overhead to Cost of Goods Sold. ok References Complete this question by entering your answers in the table below. Required A Required B Required C .. Was the overhead underapplied or overapplied? By how mtch? Required A Required C Required: a. Prepare a schedule of cost of goods manufactured. b. Was the overhead underapplied or overapplied? By how much? c. Prepare an income statement for the year. The company closes any underapplied or overapplied overhead to Cost of Goods Sold. 17 Complete this question by entering your answers in the table below. 11 polnts Required B Required C Required A Prepare an income statement for the year. The company closes any underapplied or overapplied overhead to Cost of Goods Sold. ook Baab Corporation References Income Statement Selling and administrative expenses Required B Required C