Scholastic Brass Corporation manufactures brass musical instruments for use by high school students. The company uses a normal costing system, in which manutacturing overhead is applied on the basis of direct labor hours. The company's badget for the current year included the following predictions: Budgeted total manufacturing overhead Budgeted total direct labor houns 426,300 20,300 During March, the firm worked on the tollowing two production jobs: Job T81 consisting Job C40 consisting of 110 cornets of 76 trombones Events related to the two jobs during the Month of March are as follows: a. The following requisitions were submitted during the month: Requisition #112: 250 square feet of brass sheet metal for Job T81 Requisition #11 3: 1 ,000 lbs of brass tubing for job C40 Requisition #114: 10 gallons of valve lubricant, cost of $10 per gallon 1,250 10,000 100 b. An analysis of labor time cards revealed the following for the month: Direct labor on Job T8I Direct labor on Job C40: General factory eleanup Factory supervisor salaries 800 hours at 900 hours at 200 hours at 20 per hour 20 per hour 20 per hour 9,000 20,800 c. Other manufacturing overhead costs incurred during the month totaled d. Total Selling& Administrative costs during the month totaled e. Job WT8I was completed on March 20. f. Half of the trombones in Job #T81 were sold on account in March. 13,000 Required: 1. Calculate the pre determined overhead rate (POHR) 2. Under what production conditions does it make sense to use DL as the cost driver for overhead? 3Caleulate the cost of each job. Determine the cost per unit for any completed johs. Hint: A job cost sheet format might be helpfwl 4 Determine the following amounts as of March 31 Balance in Work in process Cost of completed goods (COGM Cost of Goods Sold S. Calculate Sales price per trombone assuming an 80% markup on cost. 6. Prepare a t-account for overhead and determine the amount of over or under applied overhead Note on the f-account whether the amount is over or nder applied 7. Prepare journal entries for the following: a. Cost of goods manufactured during the period b. Sale on account of one half of the units in job T8I c. Closing of overhead account 8, Prepare income statement for the moeth of March. Round al amowats to mearesr whole dollar