StorSmart Company makes plastic organizing bins. The company has the following inventory bala March: Raw materials Work in process Finished goods Beginning Inventory $28,600 21,900 79,200 Ending Inventory $26,600 47,000 69, 700 Additional information for the month of March follows: Raw materials purchases Indirect materials used Direct labor Manufacturing overhead applied Selling, general, and administrative expenses Sales revenue $ 40,300 1,400 62,400 36,800 24,800 237,800 Required: 1. Based on the above information, prepare a cost of goods manufactured report. 2. Based on the above information, prepare an income statement for the month of March Complete this question by entering your answers in the tabs below. Required 1 Required 2 Based on the above information, prepare a cost of goods manufactured report. STORSMART COMPANY Cost of Goods Manufactured Rep For the Month of March 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 Applied Manufacturing Overhead Applied Total Current Manufacturing Costs Plus: Beginning Work in Process Inventory Total Work in Process Less: Ending Work in Process Inventory Cost of Goods Manufactured STORSMART COMPANY Income Statement For the Month of March Sales Revenue Less: Cost of Goods Sold Beginning Finished Goods Inventory Plus: Cost of Goods Manufactured Less: Ending Finished Goods Inventory Cost of Goods Sold Gross Profit Selling, General, and Administrative Expenses Net Income (Loss) from Operations Required 1 BLUE Tyler Tooling Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the upcoming year, the company estimated its total manufacturing overhead cost at $208,230 and total machine hours at 63,100. the first month of operations, the company worked on three jobs and recorded the following actual direct materials cost, direct cost, and machine hours for each job: Job 101 Job 102 Job 103 Direct materials used $10,200 $ 7,480 Direct labor $16,200 $5,700 $5,200 $ 27,100 Machine hours 1,700 hours 2,400 hours 1,300 hours 5,400 hours Total $22,700 $5,100 Job 101 was completed and sold for $50,900. Job 102 was completed but not sold Job 103 is still in process. Actual overhead costs recorded during the first month of operations totaled $17.220 Actual overhead costs recorded during the first month of operations totaled $17.220. Required: 1. Calculate the predetermined overhead rate. (Round your answer to 2 decimal places.) 2. Compute the total manufacturing overhead applied to the Work in Process Inventory account during the first month of operations. (Round your intermediate calculations to 2 decimal places.) 3. Compute the balance in the Work in Process Inventory account at the end of the first month. (Round your intermediate calculations to 2 decimal places.) 4. How much gross profit would the company report during the first month of operations before making an adjustment for over-or underapplied manufacturing overhead? (Round your intermediate calculations to 2 decimal places.) 5-a. Determine the balance in the Manufacturing Overhead account at the end of the first month. (Round your intermediate calculations to 2 decimal places.) 5-b. Is it over- or underapplied? per Machine Hour 1 Predetermined Overhead Rate 2 Total Applied Manufacturing Overhead 3. Ending Work in Process Inventory 4. Gross profit 5-a. Balance 5-b. Is it over- or underapplied
