So would like to know if can used exel and formula. also if you can refer to the given sheet information instead of writing the number also I want to know if you can done with it tomorrow and in the ledger account can you use letter to refer also to the given sheet for example (a,b , c, d) .

Goathead Company uses a job order cost system with overhead applied based on direct labor hours. See estimated amounts below. Note the beginning balances for Finished Goods (Job 101) and Work-inProcess (Jobs 102 & 103) for the costs accumulated to date. Also note, the beginning balances in the other balance sheet accounts. Estimated Overhead for 2014 720,000 Estimated Direct Labor Hours for 2014 24,000 During January the comapny had the following transactions: (a) Purchased raw materials on accout in the amount of: (b) Issued the following materials into production: Amount (c) Direct materials Explanation 7,000 Job 102 Job 103 Indirect materials 2,000 Used on both jobs. Total 9,000 Recorded salaries and wages as follows: Direct labor Indirect labor Salaries Total (d) Amount Explanation 10,000 Job 102 Job 103 For factory 4,000 supervision For administrative 5,000 staff 19,000 Applied overhead to jobs based on the number of direct labor hours required Job Number Job 102 Job 103 Direct labor hours 300 200 Total (e) 500 Recorded the following actual manufacturing costs: Amount Rent Depreciation Insurance Utilities Explanation 6,000 Paid factory rent in cash 5,000 Factory Had oneequipment month of factory insurance policy 3,000 expire Received factory utility bill but did not pay 2,000 it. Total (f) 16,000 Recorded the following general and administrative costs: Amount (g) Advertising Depreciation Other expenses Explanation 2,000 Advertising paid in cash 3,000 Office equipment Miscellaneous expense incurred but not 1,000 paid. Total 6,000 Sold Job 101, which is recorded in Finished Goods: Sales Price Cost (h) 55,000 30,000 Completed Job 102 but did not sell it; Job 103 is still in process at year-end. Required: 1 Compute the predetermined overhead rate. Predetermined overhead rate 2 Compute how much overhead would be applied to jobs during the period: Overhead applied Compute the total cost of Jobs 102 and 103 at the end of the period. You will enter your calculation in the 3 'Ledger Accounts' tab of this workbook. Where will the cost of each of these jobs appear on the Balance sheet? enter your answer to #3 here. Post the journal entries to the 'T' Accounts in the 'Ledger Accounts' tab. Calculate the ending balances in 4 all of the accounts. 5 Calculate the amount of over- or underapplied overhead in the 'Ledger Accounts' tab. 6 Post the journal entry in the T accounts to dispose of the overhead balance in the 'Ledger Accounts' tab. 7 Prepare a statement of cost of goods manufactured report in the 'Reports' tab. 8 Prepare an income statement in the 'Reports' tab. 9 Prepare a basic balance sheet in the 'Reports' tab. ased on direct labor hours. See s (Job 101) and Work-ine beginning balances in the other 10,000 2,000 5,000 6,000 4,000 ect labor hours required ory rent in cash quipment month of factory insurance policy factory utility bill but did not pay sts: g paid in cash uipment eous expense incurred but not n process at year-end. will enter your calculation in the alculate the ending balances in ounts' tab. in the 'Ledger Accounts' tab. ab. 1/1 Balance Raw Materials Inventory 10,000 1/31 Balance 1/1 Balance Work in Process Inventory 15,000 1/31 Balance 1/1 Balance Finished Goods Inventory 30,000 1/31 Balance Sales Revenue 1/31 Balance 1/1 Balance Cash and Other Assets 100,000 1/31 Balance Stockholders' Equity 70,000 1/1 Balance 1/31 Balance Manufacturing Overhead Underapplied Overapplied Beginning Balance add: Direct Materials add: Direct Labor Job Sheet: 102 Job Sheet: 103 15,000 add: Applied Overhead Total Manufacturing Costs 15,000 0 Cost of Goods Sold Unadjusted 1/31 Adjusted 1/31 Selling, General, and Administrative Expenses 1/31 Balance Payables and Other Liabilities 85,000 1/1 Balance 1/31 Balance 7 Goathead Company Cost of Goods Manufactured Report For the Month of January Beginning Raw Materials Inventory Plus: Raw Material Purchases Less: Indirect Material Used Less: Ending Raw Materials Inventory Direct Materials Used in Production Direct Labor Manufacturing Overhead Total Current Manufacturing Costs Plus: Beginning Work in Process Inventory Total Work in Process Less: Ending Work in Process Inventory Cost of Goods Manufactured* 8 Goathead Company Income Statement For the Month of January Sales Revenue Less: Cost of Goods Sold Beginning Finished Goods Inventory Plus: Cost of Goods Manufactured* (see schedule above) Cost of Goods Available for Sale Less: Ending Finished Goods Inventory Unadjusted Cost of Goods Sold Under-/Overapplied Overhead Adjusted Cost of Goods Sold Gross Profit Less: Operating (Period) Expenses Net Income from Operations 9 Goathead Company Balance Sheet As of January 31st Assets Cash and Other Assets Raw Materials Inventory Work in Process Inventory Finished Goods Inventory Total Assets d Company ce Sheet nuary 31st Liabilities Payables and Other Liabilities Stockholders' Equity Goathead Company uses a job order cost system with overhead applied based on direct labor hours. See estimated amounts below. Note the beginning balances for Finished Goods (Job 101) and Work-inProcess (Jobs 102 & 103) for the costs accumulated to date. Also note, the beginning balances in the other balance sheet accounts. Estimated Overhead for 2014 720,000 Estimated Direct Labor Hours for 2014 24,000 During January the comapny had the following transactions: (a) Purchased raw materials on accout in the amount of: (b) Issued the following materials into production: Amount (c) Direct materials Explanation 7,000 Job 102 Job 103 Indirect materials 2,000 Used on both jobs. Total 9,000 Recorded salaries and wages as follows: Direct labor Indirect labor Salaries Total (d) Amount Explanation 10,000 Job 102 Job 103 For factory 4,000 supervision For administrative 5,000 staff 19,000 Applied overhead to jobs based on the number of direct labor hours required Job Number Job 102 Job 103 Direct labor hours 300 200 Total (e) 500 Recorded the following actual manufacturing costs: Amount Rent Depreciation Insurance Utilities Explanation 6,000 Paid factory rent in cash 5,000 Factory Had oneequipment month of factory insurance policy 3,000 expire Received factory utility bill but did not pay 2,000 it. Total (f) 16,000 Recorded the following general and administrative costs: Amount (g) Advertising Depreciation Other expenses Explanation 2,000 Advertising paid in cash 3,000 Office equipment Miscellaneous expense incurred but not 1,000 paid. Total 6,000 Sold Job 101, which is recorded in Finished Goods: Sales Price Cost (h) 55,000 30,000 Completed Job 102 but did not sell it; Job 103 is still in process at year-end. Required: 1 Compute the predetermined overhead rate. Predetermined overhead rate $30 per hour 2 Compute how much overhead would be applied to jobs during the period: Overhead applied $15,000 Compute the total cost of Jobs 102 and 103 at the end of the period. You will enter your calculation in the 3 'Ledger Accounts' tab of this workbook. Where will the cost of each of these jobs appear on the Balance sheet? The cost of each job will not appear anywher in the balance sheet, rather it will appear in the income statement as cost of goods manufactured. Post the journal entries to the 'T' Accounts in the 'Ledger Accounts' tab. Calculate the ending balances in 4 all of the accounts. 5 Calculate the amount of over- or underapplied overhead in the 'Ledger Accounts' tab. 6 Post the journal entry in the T accounts to dispose of the overhead balance in the 'Ledger Accounts' tab. 7 Prepare a statement of cost of goods manufactured report in the 'Reports' tab. 8 Prepare an income statement in the 'Reports' tab. 9 Prepare a basic balance sheet in the 'Reports' tab. ased on direct labor hours. See s (Job 101) and Work-ine beginning balances in the other 10,000 2,000 5,000 6,000 4,000 ect labor hours required ory rent in cash quipment month of factory insurance policy factory utility bill but did not pay sts: g paid in cash uipment eous expense incurred but not n process at year-end. will enter your calculation in the will appear in the income alculate the ending balances in ounts' tab. in the 'Ledger Accounts' tab. ab. 1/1 Balance Raw Materials Inventory 10,000 Purchases 10,000 1/31 Balance 11,000 1/1 Balance Raw materials Work in 9,000 process Work in Process Inventory 15,000 7,000 Direct labor 10,000 Factory Overhead Applied 15,000 1/31 Balance 15,000 Finished goods 32,000 Inventory Finished Goods Inventory 1/1 Balance Goods in process 30,000 1/31 Balance 32,000 32,000 Cost of goods 30,000 sold Sales Revenue 55,000 Cash 50,000 1/31 Balance 1/1 Balance Cash and Other Assets 100,000 6,000 Rent Sales revenue 55,000 1/31 Balance 147,000 2,000 Advertising Stockholders' Equity 70,000 1/1 Balance 14,000 Net income 84,000 1/31 Balance Manufacturing Overhead Actual MO Underapplied Beginning Balance 22,000 15,000 Applied MO 7,000 Overapplied Job Sheet: 102 Job Sheet: 103 15,000 add: Direct Materials 2,000 5,000 add: Direct Labor 6,000 4,000 add: Applied Overhead 9,000 6,000 32,000 15,000 Total Manufacturing Costs Cost of Goods Sold Manufacturing overhead Underapplied 7,000 Unadjusted 1/31 37,000 Adjusted 1/31 30,000 Selling, General, and Administrative Expenses Staff salaries 5,000 Advertising 2,000 Depreciation 3,000 Other 1,000 1/31 Balance 11,000 Payables and Other Liabilities 85,000 1/1 Balance 10,000 Raw materials 2,000 Utilities 1,000 Other 98,000 1/31 Balance 7 Goathead Company Cost of Goods Manufactured Report For the Month of January Beginning Raw Materials Inventory Plus: Raw Material Purchases Less: Indirect Material Used Less: Ending Raw Materials Inventory Direct Materials Used in Production Direct Labor Manufacturing Overhead Total Current Manufacturing Costs 10,000 10,000 2,000 11,000 7,000 10,000 22,000 39,000 Plus: Beginning Work in Process Inventory Total Work in Process Less: Ending Work in Process Inventory Cost of Goods Manufactured* 8 15,000 54,000 15,000 39,000 Goathead Company Income Statement For the Month of January Sales Revenue Less: Cost of Goods Sold Beginning Finished Goods Inventory Plus: Cost of Goods Manufactured* (see schedule above) Cost of Goods Available for Sale Less: Ending Finished Goods Inventory Unadjusted Cost of Goods Sold Under-/Overapplied Overhead Adjusted Cost of Goods Sold Gross Profit Less: Operating (Period) Expenses Net Income from Operations 55,000 30,000 39,000 69,000 32,000 37,000 7,000 30,000 25,000 11,000 14,000 9 Goathead Company Balance Sheet As of January 31st Assets Cash and Other Assets Raw Materials Inventory Work in Process Inventory Finished Goods Inventory 147,000 11,000 15,000 32,000 Total Assets 205,000 d Company ce Sheet nuary 31st Liabilities Payables and Other Liabilities 98,000 Stockholders' Equity 84,000 Goathead Company uses a job order cost system with overhead applied based on direct labor hours. See estimated amounts below. Note the beginning balances for Finished Goods (Job 101) and Work-in-Process (Jobs 102 & 103) for the costs accumulated to date. Also note, the beginning balances in the other balance sheet accounts. Estimated Overhead for 2014 Estimated Direct Labor Hours for 2014 720,000 24,000 During January the comapny had the following transactions: (a) Purchased raw materials on accout in the amount of: (b) Issued the following materials into production: Amount Indirect materials Explanation 7,000 Job 102 Job 103 2,000 Used on both jobs. Total 9,000 Direct materials (c) Recorded salaries and wages as follows: Direct labor Indirect labor Salaries Total (d) Amount Explanation 10,000 Job 102 Job 103 For factory 4,000 supervision For administrative 5,000 staff 19,000 Applied overhead to jobs based on the number of direct labor hours required Job Number Job 102 Job 103 Direct labor hours 300 200 Total (e) 500 Recorded the following actual manufacturing costs: Amount Rent Depreciation Insurance Utilities Total (f) Explanation 6,000 Paid factory rent in cash 5,000 Factory equipment 3,000 expire 2,000 it. 16,000 Recorded the following general and administrative costs: Amount Explanation (g) Advertising Depreciation Other expenses 2,000 Advertising paid in cash 3,000 Office equipment 1,000 paid. Total 6,000 Sold Job 101, which is recorded in Finished Goods: Sales Price Cost (h) 55,000 30,000 Completed Job 102 but did not sell it; Job 103 is still in process at year-end. Required: 1 Compute the predetermined overhead rate. Predetermined overhead rate $30 per hour 2 Compute how much overhead would be applied to jobs during the period: Overhead applied $15,000 3 'Ledger Accounts' tab of this workbook. Where will the cost of each of these jobs appear on the Balance sheet? statement as cost of goods manufactured. 4 of the accounts. 5 Calculate the amount of over- or underapplied overhead in the 'Ledger Accounts' tab. 6 Post the journal entry in the T accounts to dispose of the overhead balance in the 'Ledger Accounts' tab. 7 Prepare a statement of cost of goods manufactured report in the 'Reports' tab. 8 Prepare an income statement in the 'Reports' tab. 9 Prepare a basic balance sheet in the 'Reports' tab. ased on direct labor hours. See s (Job 101) and Work-in-Process ng balances in the other balance ect labor hours required ry rent in cash quipment sts: 10,000 2,000 5,000 6,000 4,000 g paid in cash uipment n process at year-end. ounts' tab. in the 'Ledger Accounts' tab. ab. 1/1 Balance Purchases 1/31 Balance 1/1 Balance Raw materials Raw Materials Inventory 10,000 10,000 Work in 9,000 process 1,000 Work in Process Inventory 15,000 7,000 Direct labor Factory Overhead Applied 10,000 1/31 Balance 15,000 Finished goods 32,000 Inventory 15,000 Finished Goods Inventory 1/1 Balance Goods in process 30,000 1/31 Balance 32,000 32,000 Cost of goods 30,000 sold Sales Revenue 55,000 Cash 50,000 1/31 Balance 1/1 Balance Sales revenue Cash and Other Assets 100,000 6,000 Rent 55,000 2,000 Advertising 1/31 Balance 147,000 Stockholders' Equity 70,000 1/1 Balance 14,000 Net income 84,000 1/31 Balance Manufacturing Overhead Actual MO 22,000 Underapplied 15,000 Applied MO 7,000 Beginning Balance add: Direct Materials Overapplied Job Sheet: 102 Job Sheet: 103 15,000 2,000 5,000 add: Direct Labor 6,000 4,000 add: Applied Overhead 9,000 6,000 32,000 15,000 Total Manufacturing Costs Manufacturing overhead Underapplied Cost of Goods Sold 7,000 Unadjusted 1/31 37,000 Adjusted 1/31 30,000 Selling, General, and Administrative Expenses Staff salaries 5,000 Advertising 2,000 Depreciation 3,000 Other 1,000 1/31 Balance 11,000 Payables and Other Liabilities 85,000 1/1 Balance 10,000 Raw materials 2,000 Utilities 1,000 Other 98,000 1/31 Balance 7 Goathead Company Cost of Goods Manufactured Report For the Month of January Beginning Raw Materials Inventory Plus: Raw Material Purchases Less: Indirect Material Used Less: Ending Raw Materials Inventory Direct Materials Used in Production Direct Labor Manufacturing Overhead Total Current Manufacturing Costs Plus: Beginning Work in Process Inventory Total Work in Process Less: Ending Work in Process Inventory Cost of Goods Manufactured* 8 10,000 10,000 2,000 11,000 7,000 10,000 22,000 39,000 15,000 54,000 15,000 39,000 Goathead Company Income Statement For the Month of January Sales Revenue Less: Cost of Goods Sold Beginning Finished Goods Inventory Plus: Cost of Goods Manufactured* (see schedule above) Cost of Goods Available for Sale Less: Ending Finished Goods Inventory Unadjusted Cost of Goods Sold Under-/Overapplied Overhead Adjusted Cost of Goods Sold Gross Profit Less: Operating (Period) Expenses Net Income from Operations 55,000 30,000 39,000 69,000 32,000 37,000 7,000 30,000 25,000 11,000 14,000 9 Goathead Company Balance Sheet As of January 31st Assets Cash and Other Assets Raw Materials Inventory Work in Process Inventory Finished Goods Inventory 147,000 11,000 15,000 32,000 Total Assets 205,000 d Company ce Sheet nuary 31st Liabilities Payables and Other Liabilities 98,000 Stockholders' Equity 84,000