the ones not in grey need to be fixed

Bonita Wings, Inc., manufactures airplanes for use in stunt shows. Bonita's factory is highly automated, using the latest in robotic technology. To keep costs low, the company employs as few factory workers as possible. Since each plane has different features (such as its shape, weight, and color), Bonita uses a job order costing system to accumulate product costs At the end of 2020, Bonita's accountants developed the following expectations for 2021 based on the marketing department's sales forecast: Budgeted overhead cost Estimated machine hours Estimated direct labor hours Estimated direct materials cost $1,050,000 50,000 9,000 $1.500.000 Bonita's inventory count, completed on December 31, 2020, revealed the following ending inventory balances: Raw Materials Inventory Work in Process Inventory Finished Goods Inventory $251.000 $625.000 $2.080.000 The company's 2021 pwyroll data revealed the following actual payroll costs for the year. Job Title President and CEO Number Employed Wage Rate per Hour Annual Salary per Employee $224 mm Total Hours Worked per Employee MO Number Employed 1 Wage Rate per Hour 1 1 Job Title President and CEO Vice president and CFO Factory manager Assistant factory manager Machine operator Security guard, factory Forklift operator Corporate secretary Janitor, factory Annual Total Hours Salary per Worked per Employee Employee $224.000 $177,000 $40,300 $31.400 2.250 $20,400 2.000 $35,700 2.150 1 5 $15 2 2 $8 1 2 $6 The following information was taken from Bonita's Schedule of Plant Assets. All assets are depreciated using the straight-line method Plant Asset Factory building Administrative office Factory equipment Purchase Price $4,000,000 $650,000 $2,000,000 Salvage Value $150,000 $125,000 $20,000 Useful Life 20 Years 30 Years 12 Years Other miscellaneous costs for 2021 all paid in cash included: Cost Factory Insurance (fully expired) Administrative office utilities Factory utilities NP EX16 Sa Lite Amount $12.300 $5.400 $30.100 Cost Factory insurance (fully expired) Administrative office utilities Factory utilities Office supplies (fully consumed) Amount $12,300 $5,400 $30,100 $4,100 . Additional information about Bonita's operations in 2021 includes the following: Raw materials purchases for the year amounted to $1.945,000. All materials were purchased on account. The company used $1,860,000 in raw materials during the year. Of that amount, 85% was direct materials and 15% was indirect materials Bonita applied overhead to Work in Process Inventory based on direct materials cost. Airplanes costing $3,450,000 to manufacture were completed and transferred out of Work in Process Inventory. Bonita uses a markup of 150% to price its airplanes. Sales for the year were $6,570,000. All sales are made on account. (Note: This transaction requires two journal entries.) . (a) Your answer is correct. What was Bonita's predetermined overhead rate in 2021? Predetermined overhead rate 70 % of direct materials cost Prepare the journal entries to record Bonita's costs for 2021. (Use Salaries Payable and Wages Payable accounts for payroll costs. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Post entries in order presented in the problem. Round answers to decimal places, eg. 5,275.) No. Account Titles and Explanation Debit Credit Operating Expenses Salaries Payable (To record salaries for president, vice president, and corpoarte secretary) Manufacturing Overhead 1 436700 436700 2. 40300 40300 Salaries Payable (To record salaried factory worker costs) Work in Process Inventory 3. 62650 1 62650 (To record hourly factory worker costs) 4 Operating Expenses 17500 17500 Accumulated Depreciation (To record depreciation on administrative office equipment) Manufacturing Overhead 5. 357500 Accumulated artin 5. Manufacturing Overhead 357500 357500 Accumulated Depreciation (To record depreciation on factory building and equipment) Operating Expenses 6. 9500 Supplies Inventory 4100 Accounts Payable 5400 (To record administrative office utilities and office supplies expense) 7. Manufacturing Overhead 42400 Accounts Payable 42400 (To record factory insurance and factory utilities) Raw Materials Inventory 8. 1945000 1945000 Accounts Payable (To record raw materials purchases) Work in Process Inventory 9. 1581000 Manufacturing Overhead 279000 1860000 Raw Materials Inventory (To record direct materials and indirect materials used in production) 10 1860000 Raw Materials Inventory (To record direct materials and indirect materials used in production) Work in Process Inventory 10. 1106700 1106700 11. 3450000 Manufacturing Overhead (To apply overhead to work in process) Finished Goods Inventory Work in Process Inventory (To record transfer of completed airplanes) Accounts Receivable 3450000 12 6570000 Sales Revenue 6570000 (To record sale of airplanes to customers) 13 Cost of Goods Sold 4380000 Finished Goods Inventory 4380000 (To record cost of airplanes sold)