Quinnipiac Padfolio Club makes two products (Padfolios and Business Cards) for students to use during interview season. The company uses a normal costing system with a single manufacturing overhead cost pool (allocated based on direct labor costs), and operates at capacity (i.e. all overhead is allocated to units produced in the year). Direct Material and Direct Labor is incurred in the factory and is directly traced to the two product lines (Padfolios \& Business Cards). Overhead costs (like plant supervision, maintenance and utilities) are incurred in the factory but cannot be directly traced to the two product lines. 6 8 Budgeted information for the year ended December 31,2017 is as follows: \begin{tabular}{l} 9 \\ \hline 10 \\ 11 \\ 12 \\ 13 \\ 14 \\ 15 \\ 16 \end{tabular} 17 Actual information for the year ended December 31,2017 is as follows: 1 Assuming Normal Costing, calculate the budgeted manufacturing overhead rate for 2017 that will be used to allocate overhead into the inventory cost of the products. Assuming Normal Costing, calculate the budgeted manufacturing overhead rate for 2017 that will be used to allocate overhead into the inventory cost of the products. 2 Using Normal Costing, calculate (1) the total cost of each product line (Padfolios vs. Business Cards) and (2) the cost of a single unit of each product based on the plant-wide overhead rate calculated above. (Actual Direct costs should be traced to the products as identified above. Indirect costs should be allocated to the products based on the Budgeted Overhead Allocation Rate and the Actual Allocation Base.) 3 Assuming Normal Costing, complete these tables describing how the company's inventory accounts changed during the year. For COGM, assume that all Padfolios produced in the month were completed and moved out of WIP but that only half of the Business Cards were completed (all units are reported at the per unit cost calculated above). None of the items in Beginning WIP were completed. For COGM, assume that all Padfolios produced in the month were completed and moved out of WIP but that only half of the Business Cards were completed (all units are reported at the per unit cost calculated above). None of the items in Beginning WIP were completed. Calculate the ending inventory balances if over/(under)-allocated manufacturing overhead is pro-rated based on the accounts' unadjusted balances. Quinnipiac Padfolio Club makes two products (Padfolios and Business Cards) for students to use during interview season. The company uses a normal costing system with a single manufacturing overhead cost pool (allocated based on direct labor costs), and operates at capacity (i.e. all overhead is allocated to units produced in the year). Direct Material and Direct Labor is incurred in the factory and is directly traced to the two product lines (Padfolios \& Business Cards). Overhead costs (like plant supervision, maintenance and utilities) are incurred in the factory but cannot be directly traced to the two product lines. 6 8 Budgeted information for the year ended December 31,2017 is as follows: \begin{tabular}{l} 9 \\ \hline 10 \\ 11 \\ 12 \\ 13 \\ 14 \\ 15 \\ 16 \end{tabular} 17 Actual information for the year ended December 31,2017 is as follows: 1 Assuming Normal Costing, calculate the budgeted manufacturing overhead rate for 2017 that will be used to allocate overhead into the inventory cost of the products. Assuming Normal Costing, calculate the budgeted manufacturing overhead rate for 2017 that will be used to allocate overhead into the inventory cost of the products. 2 Using Normal Costing, calculate (1) the total cost of each product line (Padfolios vs. Business Cards) and (2) the cost of a single unit of each product based on the plant-wide overhead rate calculated above. (Actual Direct costs should be traced to the products as identified above. Indirect costs should be allocated to the products based on the Budgeted Overhead Allocation Rate and the Actual Allocation Base.) 3 Assuming Normal Costing, complete these tables describing how the company's inventory accounts changed during the year. For COGM, assume that all Padfolios produced in the month were completed and moved out of WIP but that only half of the Business Cards were completed (all units are reported at the per unit cost calculated above). None of the items in Beginning WIP were completed. For COGM, assume that all Padfolios produced in the month were completed and moved out of WIP but that only half of the Business Cards were completed (all units are reported at the per unit cost calculated above). None of the items in Beginning WIP were completed. Calculate the ending inventory balances if over/(under)-allocated manufacturing overhead is pro-rated based on the accounts' unadjusted balances