Dobson Manufacturing Company uses a job order cost system with manufacturing overhead applied to products on the basis of direct labor dollars. At the beginning of the most recent period, the company estimated its total direct labor cost to be $57,300 and its total manufacturing overhead cost to be $91,680. Several incomplete general ledger accounts show the transactions that occurred during the most recent accounting period which is given in second requirement. Required: 1. Calculate the predetermined overhead rate. 2. Fill in the missing values in the T-accounts. 3. Compute over- or underapplied overhead. 4. Prepare a statement of cost of goods manufactured and sold including the adjustment for over- or underapplied overhead. 5. Prepare a brief income statement for the company. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Calculate the predetermined overhead rate. Predetermined Overhead Rate % of Direct Labor Cost Required 1 Required 2 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Fill in the missing values in the T-accounts. Raw Materials Inventory Beginning Balance Purchases Ending Balance Work in Process Inventory 29,600 69,300 $ 41,800 Beginning Balance Direct Materials Direct Labor Applied Overhead Ending Balance 94,700 28,100 19,6001 Cost of Goods Sold Finished Goods Inventory 41,000 Beginning Balance Cost of Goods Completed Ending Balance Unadjusted Cost of Goods Sold Adjusted Cost of Goods Sold 48,700 Sales Revenue 313,000 Applied Overhead Manufacturing Overhead 11,900 13,900 12,800 Indirect Materials Indirect Labor Factory Depreciation Factory Rent Factory Utilities Other Factory Costs Actual Overhead 6,100 1,400 8,300 54,400 Selling. General, and Administrative Expenses Adm. Salaries Office Depreciation Advertising Ending Balance 26,600 19,400 13,8001 59,800 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Compute over- or underapplied overhead. Manufacturing Overhead Required 2 Required 4 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Prepare a statement of cost of goods manufactured and sold including the adjustment for over or underapplied overhead. DOBSON MANUFACTURING COMPANY Cost of Goods Manufactured and Sold Report Direct Materials used in Production Total Current Manufacturing Costs Total Work in Process Cost of Goods Manufactured Cost of Goods Available for Sale Unadjusted Cost of Goods Sold Adjusted Cost of Goods Sold Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Prepare a brief income statement for the company. DOBSON MANUFACTURING COMPANY Income Statement Net Income from Operations
