Required: FORMULAS must be used ALL Blue cells (NO hardcoding) Name: Directions:(1) Fil in blue cells on flowchart AND cost sheets below, starting with finding the OVERHEAD RATE, Total Actual OH, Total DL hrs, AND LABOR RATE. (2) ANSWER the 3 QUESTIONS below. Inputs Reference these cells Beg. WIP: Job 350 started LAST PERIOD (DEC) Materials Labor FIND Labor Rate Direct Materials Direct Labor Overhead STotal Direct Labor during January 9,000 Beg. Inventory- Jan 1 4,500 $25.200 January Purchased/Transferred-In Transferred Out during Jan: Labor used on Jobs in January (in hours): 6,000 27,500 per hour 4,500 Job 350 38C $ $ Job 350 Costs 19,500 DM used on Job 350 .300 Job 481 A40 580 9.000 Job 533 DM used on Job 481 $ Find TOTAL direct labor hrs DM used on Job 533 12.000 Factory Overhead Other Details Budgeted Overhead for year: Budgeted Direct Labor Hours: $420,000 Started in December Job 350 Predetermined OH Rate: Finished in January 16.800 FIND Predetermined Overhead Rate but not yet sold per direct labor hr ACTUAL Overhead: Indirect Materials $ Indirect Labor Utilities and other OH during Jan 2,000 Job 481 Started in January and SOLD in January 17,600 6,000 Prepaid Insurance during Jan 1,200 Job 533 Expiration Started in January but not yet Depreciation for Jan finished by the end of January 4.800 31,600 Total Actual OH - Jan To jobs: FLOWCHART Materials Jan To lob 481 Ending To Job 533 Sold this period: Finished this period: Labor Finished Goods COGS WIP DL-Jan To Job 350 Ber 1 spld job To Job 481. labor To Job 533 2 jobs finished averhead Ending Ending 1 igb unfinished 1 finished jab not sold Overhead Applied Was Overhead UNDER or OVER applied? Actual y what amount? To WIP What is the $ADJUSTED cost of goods sold? mount wolied in all iobw (actual cost of goods sold) JOB COST SHEETS JOB 350 Materials Labor Total December last periad costs January this period costs total job costs Storted in December, Finished in January, not yet sold by end of January JOB 481 Materials Labor Total OH January *Started in January, finished and sold in January JOB 533 Materials Labor OH Total January *Started in January and not finished by the end of January CHECK: DO YOUR COST CARDS RECONCILE WITH THE FLOWCHART YOU cOMPLETED? Required: FORMULAS must be used ALL Blue cells (NO hardcoding) Name: Directions:(1) Fil in blue cells on flowchart AND cost sheets below, starting with finding the OVERHEAD RATE, Total Actual OH, Total DL hrs, AND LABOR RATE. (2) ANSWER the 3 QUESTIONS below. Inputs Reference these cells Beg. WIP: Job 350 started LAST PERIOD (DEC) Materials Labor FIND Labor Rate Direct Materials Direct Labor Overhead STotal Direct Labor during January 9,000 Beg. Inventory- Jan 1 4,500 $25.200 January Purchased/Transferred-In Transferred Out during Jan: Labor used on Jobs in January (in hours): 6,000 27,500 per hour 4,500 Job 350 38C $ $ Job 350 Costs 19,500 DM used on Job 350 .300 Job 481 A40 580 9.000 Job 533 DM used on Job 481 $ Find TOTAL direct labor hrs DM used on Job 533 12.000 Factory Overhead Other Details Budgeted Overhead for year: Budgeted Direct Labor Hours: $420,000 Started in December Job 350 Predetermined OH Rate: Finished in January 16.800 FIND Predetermined Overhead Rate but not yet sold per direct labor hr ACTUAL Overhead: Indirect Materials $ Indirect Labor Utilities and other OH during Jan 2,000 Job 481 Started in January and SOLD in January 17,600 6,000 Prepaid Insurance during Jan 1,200 Job 533 Expiration Started in January but not yet Depreciation for Jan finished by the end of January 4.800 31,600 Total Actual OH - Jan To jobs: FLOWCHART Materials Jan To lob 481 Ending To Job 533 Sold this period: Finished this period: Labor Finished Goods COGS WIP DL-Jan To Job 350 Ber 1 spld job To Job 481. labor To Job 533 2 jobs finished averhead Ending Ending 1 igb unfinished 1 finished jab not sold Overhead Applied Was Overhead UNDER or OVER applied? Actual y what amount? To WIP What is the $ADJUSTED cost of goods sold? mount wolied in all iobw (actual cost of goods sold) JOB COST SHEETS JOB 350 Materials Labor Total December last periad costs January this period costs total job costs Storted in December, Finished in January, not yet sold by end of January JOB 481 Materials Labor Total OH January *Started in January, finished and sold in January JOB 533 Materials Labor OH Total January *Started in January and not finished by the end of January CHECK: DO YOUR COST CARDS RECONCILE WITH THE FLOWCHART YOU cOMPLETED