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ste Font Paragraph Styles Sensitivity LE Create and Share Request Adobe PDF Signatures Got Attitude, Inc. (GAT) is a clothing design house that has just installed an activity based costing dimension into their job costing accounting system. GAT has identified four activity centers. The activity centers are listed below along with the estimated overhead costs and expected level of activity in each center for the coming year. Activity Center Design Inspection Purchasing Ongoing Training Cost Driver Number of designs Number of inspections Number of purchase orders Number of trainees Estimated Cost $ 500 $300 5300 $750 Expected Activity 25 designs 10 Inspections 30 purchase orders 50 trainees On January 1, the company had the following account balances $ 950 Raw Materials $ 200 Supplies $ 75 Work in Process $ 610 Capital Stock Finished Goods $ 100 Retained Earnings $1,000 935 In work-in-process Job & has the following detail: Direct Materials Direct Labor Overhead $100 5210 $300 During the year Jobs 9, 10, and 11 were started. The following transactions were recorded during the year Raw materials and supplies were purchased on account, $500 and S100, respectively. b. Raw materials were requisitioned for use in production, direct (Job 8,5125, Job 9, 5100, Job 10, 5200, Job 11, $100). In addition, supplies (design, $50, inspection, S40, purchasing. $20) were used. 6. The following costs were incurred but noyet paid for employee services: direct (Job 8, $150, Job 9,5125, Job 10, 5175, Job 11, $150), indirect labor spection, 540, purchasing, 535, ongoing training. S150). Administrative expenses were paid in cash, 8350. Miscellaneous overhead costs were paid in cash, (design 585, inspection $120, purchasing. S70, ongoing training $305). Manufacturing overhead cost was applied to production. Actual activity for the various activity centers during the year are as follows: Job 8 Job 10 Job 11 Design 2 designs I design 2 designs I design 2 Inspection m 2 1 RX Purchasing 4 po 3 po 2 po 8 trainees Ongoing Training traince 8 trainees 8 trainees & Jobs 8, 9, and 10 were completed. h. Jobs 8 and 9 were sold for $1,500 and $750, respectively, on account. REQUIRED (See the template provided for this problem: 1. You are provided the GAI Balance Sheet for January 1. 2. Prepare the job cost sheets for Jobs 8, 9, 10, and 11. 3. Compute the activity cost rate for each activity. 4. Prepare and record in T accounts all journal entries including the subsidiary ledgers for activities. You are required to show your journal entries on the second worksheet of the template. You should maintain T- accounts to assist you with completing the problem but you will not submit your T-accounts. 5. Prepare the cost of goods manufactured statement. 6. Prepare the journal entry to close the set total of all over er under applied balances for the four activities te cost of goods cold 7. Prepare a cost of goods sold statement. 8. Prepare an income statement for the year's operations. 9. Prepare a statement of retained earnings 10. Prepare an ending balance sheet for GAL 11. SEPARATE ANALYSIS - Assume the ever or under applied Purchasing variance is material Carry out the necessary calculations to properly prerate this variance to the appropriate accounts. Prepare the Journal entry. Show your work. ste Font Paragraph Styles Sensitivity LE Create and Share Request Adobe PDF Signatures Got Attitude, Inc. (GAT) is a clothing design house that has just installed an activity based costing dimension into their job costing accounting system. GAT has identified four activity centers. The activity centers are listed below along with the estimated overhead costs and expected level of activity in each center for the coming year. Activity Center Design Inspection Purchasing Ongoing Training Cost Driver Number of designs Number of inspections Number of purchase orders Number of trainees Estimated Cost $ 500 $300 5300 $750 Expected Activity 25 designs 10 Inspections 30 purchase orders 50 trainees On January 1, the company had the following account balances $ 950 Raw Materials $ 200 Supplies $ 75 Work in Process $ 610 Capital Stock Finished Goods $ 100 Retained Earnings $1,000 935 In work-in-process Job & has the following detail: Direct Materials Direct Labor Overhead $100 5210 $300 During the year Jobs 9, 10, and 11 were started. The following transactions were recorded during the year Raw materials and supplies were purchased on account, $500 and S100, respectively. b. Raw materials were requisitioned for use in production, direct (Job 8,5125, Job 9, 5100, Job 10, 5200, Job 11, $100). In addition, supplies (design, $50, inspection, S40, purchasing. $20) were used. 6. The following costs were incurred but noyet paid for employee services: direct (Job 8, $150, Job 9,5125, Job 10, 5175, Job 11, $150), indirect labor spection, 540, purchasing, 535, ongoing training. S150). Administrative expenses were paid in cash, 8350. Miscellaneous overhead costs were paid in cash, (design 585, inspection $120, purchasing. S70, ongoing training $305). Manufacturing overhead cost was applied to production. Actual activity for the various activity centers during the year are as follows: Job 8 Job 10 Job 11 Design 2 designs I design 2 designs I design 2 Inspection m 2 1 RX Purchasing 4 po 3 po 2 po 8 trainees Ongoing Training traince 8 trainees 8 trainees & Jobs 8, 9, and 10 were completed. h. Jobs 8 and 9 were sold for $1,500 and $750, respectively, on account. REQUIRED (See the template provided for this problem: 1. You are provided the GAI Balance Sheet for January 1. 2. Prepare the job cost sheets for Jobs 8, 9, 10, and 11. 3. Compute the activity cost rate for each activity. 4. Prepare and record in T accounts all journal entries including the subsidiary ledgers for activities. You are required to show your journal entries on the second worksheet of the template. You should maintain T- accounts to assist you with completing the problem but you will not submit your T-accounts. 5. Prepare the cost of goods manufactured statement. 6. Prepare the journal entry to close the set total of all over er under applied balances for the four activities te cost of goods cold 7. Prepare a cost of goods sold statement. 8. Prepare an income statement for the year's operations. 9. Prepare a statement of retained earnings 10. Prepare an ending balance sheet for GAL 11. SEPARATE ANALYSIS - Assume the ever or under applied Purchasing variance is material Carry out the necessary calculations to properly prerate this variance to the appropriate accounts. Prepare the Journal entry. Show your work