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Questions 1-2 are correct and everything filled in on question 3 is correct, I need help filling in the rest of question 3 and doing
Questions 1-2 are correct and everything filled in on question 3 is correct, I need help filling in the rest of question 3 and doing 4 and 5.
Gitano Products uses job-order costing and applies overhead cost to jobs based on direct materials used in production (not on the basis of raw materials purchased). Its predetermined overhead rate is based on a cost formula that estimated $800,000 of manufacturing overhead for an estimated allocation base of $500,000 direct material dollars to be used in production. The company provided the following data for the just completed year: Required: 1. Compute the predetermined overhead rate. 2. Compute the amount of underapplied or overapplied overhead. 3. Prepare a schedule of cost of goods manufactured. Assume all raw materials are used in production as direct materials. 4. Compute the unadjusted cost of goods sold. Do not include any underapplied or overapplied overhead in your answer. 5. Assume the $70,000 ending balance in Work in Process includes $24,000 of direct materials. Given this assumption, supply the information missing below: Complete this question by entering your answers in the tabs below. Assume the $70,000 ending balance in Work in Process includes $24,000 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 overhead rate. Complete this question by entering your answers in the tabs below. Compute the unadjusted cost of goods sold. Do not include any underapplied or overapplied overhead in your answer. \begin{tabular}{|c|c|c|c|c|} \hline Required 1 & Required 2 & Required 3 & Required 4 & Required 5 \\ \hline \end{tabular} Prepare a schedule of cost of goods manufactured. Assume all raw materials are used in production as direct materials. \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Gitano Products } \\ \hline \multicolumn{5}{|c|}{ Schedule of Cost of Goods Manufactured } \\ \hline Beginning work in process inventory & & & $ & 150,000 \\ \hline \multicolumn{5}{|l|}{ Direct materials: } \\ \hline Beginning raw materials inventory & 20,000 & & & \\ \hline Add: Purchases of raw materials & 510,000 & & & \\ \hline Total raw materials available & 530,000 & & & \\ \hline Less: Ending raw materials inventory & 80,000 & & & \\ \hline Direct materials used in production & & $450,000 & & \\ \hline Direct labor & & 90,000 & & \\ \hline \multicolumn{5}{|c|}{ Manufacturing overhead applied to work in process } \\ \hline \multicolumn{5}{|c|}{ Total manufacturing costs added to production } \\ \hline Total manufacturing costs to account for & & & & 150,000 \\ \hline Less: Ending work in process inventory & & & & 70,000 \\ \hline Cost of goods manufactured & & & & \\ \hline \end{tabular} Required 2 Required 4>Step by Step Solution
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