Questa Top Has Led manufactures all types of custom-made premium head wears and hats for pes of occasions. It uses job-costing system and applies manufacturing overhead on the hasis of machine hours. The company's manufacturing overhead budget for the year walled $1,600,000. It has a maximum capacity of 400.000 machine hours. However, it is budgeted to be able to use 80% of this capacity during this period Od 31 July, Top Hals Lid has the following balances! Work in process inventory Job number 211 $10.775 Job number 212 $16,700 Raw materials inventory Finished goods inventory Job number 210 $28,750 In August, the following occurred: (1) Raw materials purchased on credit $22.500 $6,050 (2) Raw materials requisitions Job number 211 Job number 212 Job number 213 Indirect materials used in production) $1,275 $750 $3,100 $750 Machine hours, direct labour hours and wages for factory employees Job number Machine hours Labour hours 211 3.000 2.900 212 1,100 900 213 4.875 3.575 Indirect labour 750 Wages $30,600 $10,800 $50.125 $7,350 Other overhead incurred Depreciation - machineries Depreciation delivery vans Salaries - production Salaries - sales and administration Other factory costs Other selling and administration costs $5,000 $500 $12.500 $8,750 $19,500 $12,000 15) Space Jobber 31 will was John 212 Normal special sem spila of were med aber3 Howork winne her 211 w212 were completed in the most Joe 210 sold for champions while Jola rumber 211 was de creare utalow the computer profil margno 2016 Required (a) Compute the predetermined overal maka Calculate the following Raw meals inventory as at 31 August Work in process at 31 August Finished goods inventory as at 31 AM fi) Selling price for Job number 210 and Job number 2012 (16 marks) is) Prepare the necessay journal entries to describe and summarise the transactions for August. Please show each job setely for the work in proces inventory counts onlyNamations can be ignored (19 marks) Compute the overapplied or under applied overhead for August (e) Explain how the over-applied or under-applied overhead shoreld be treated. (4 marks) Provide the necessary journal entries to chose of the balance in the overhead control Account assuming: The overhead variances are not significant (in The overhead Variances are significant Provide your final answer to the nearest dollar, 3 marks) Spoilage & reworked costs Job number 211 Job number 212 Normal spoilage with estimated disposal selling price of $75 was incurred. Normal spoilage amounting to $88 and abnormal spoilage of $38 were incurred. Rework cost of $65 was incurred. Job number 213 (6) Job number 211 and Job number 212 were completed during the month. (7) Job number 210 was sold for cash at a mark-up of 30% on cost while Job number 211 was sold on credit at a price that allow the company to earn a gross profit margin of 20%. uired: Questa Top Has Led manufactures all types of custom-made premium head wears and hats for pes of occasions. It uses job-costing system and applies manufacturing overhead on the hasis of machine hours. The company's manufacturing overhead budget for the year walled $1,600,000. It has a maximum capacity of 400.000 machine hours. However, it is budgeted to be able to use 80% of this capacity during this period Od 31 July, Top Hals Lid has the following balances! Work in process inventory Job number 211 $10.775 Job number 212 $16,700 Raw materials inventory Finished goods inventory Job number 210 $28,750 In August, the following occurred: (1) Raw materials purchased on credit $22.500 $6,050 (2) Raw materials requisitions Job number 211 Job number 212 Job number 213 Indirect materials used in production) $1,275 $750 $3,100 $750 Machine hours, direct labour hours and wages for factory employees Job number Machine hours Labour hours 211 3.000 2.900 212 1,100 900 213 4.875 3.575 Indirect labour 750 Wages $30,600 $10,800 $50.125 $7,350 Other overhead incurred Depreciation - machineries Depreciation delivery vans Salaries - production Salaries - sales and administration Other factory costs Other selling and administration costs $5,000 $500 $12.500 $8,750 $19,500 $12,000 15) Space Jobber 31 will was John 212 Normal special sem spila of were med aber3 Howork winne her 211 w212 were completed in the most Joe 210 sold for champions while Jola rumber 211 was de creare utalow the computer profil margno 2016 Required (a) Compute the predetermined overal maka Calculate the following Raw meals inventory as at 31 August Work in process at 31 August Finished goods inventory as at 31 AM fi) Selling price for Job number 210 and Job number 2012 (16 marks) is) Prepare the necessay journal entries to describe and summarise the transactions for August. Please show each job setely for the work in proces inventory counts onlyNamations can be ignored (19 marks) Compute the overapplied or under applied overhead for August (e) Explain how the over-applied or under-applied overhead shoreld be treated. (4 marks) Provide the necessary journal entries to chose of the balance in the overhead control Account assuming: The overhead variances are not significant (in The overhead Variances are significant Provide your final answer to the nearest dollar, 3 marks) Spoilage & reworked costs Job number 211 Job number 212 Normal spoilage with estimated disposal selling price of $75 was incurred. Normal spoilage amounting to $88 and abnormal spoilage of $38 were incurred. Rework cost of $65 was incurred. Job number 213 (6) Job number 211 and Job number 212 were completed during the month. (7) Job number 210 was sold for cash at a mark-up of 30% on cost while Job number 211 was sold on credit at a price that allow the company to earn a gross profit margin of 20%. uired