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 $247,260 and total machine hours at 63,400 . During the first month of operations, the company worked on three jobs and recorded the following actual direct materials cost, direct labor cost, and machine hours for each job: Job 101 was completed and sold for $50,100. Job 102 was completed but not sold. Job 103 is still in process. Actual overhead costs recorded during the first month of operations totaled $21,430. Required: 1. Calculate the predetermined overhead rate. Note: Round your answer to 2 decimal places. 2. Compute the total manufacturing overhead applled to the Work in Process Inventory account during the first month of operations. Note: Round your intermediate calculations to 2 decimal places. 3. Compute the bolance in the Work in Process Inventory account at the end of the first month. Note: 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? Note: 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. Note: Round your intermediate calculations to 2 decimal places. 5-b. Is it over-or underapplied? 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 $247,260 and total machine hours at 63,400 . During the first month of operations, the company worked on three jobs and recorded the following actual direct materials cost, direct labor cost, and machine hours for each job: Job 101 was completed and sold for $50,100. Job 102 was completed but not sold. Job 103 is still in process. Actual overhead costs recorded during the first month of operations totaled $21,430. Required: 1. Calculate the predetermined overhead rate. Note: Round your answer to 2 decimal places. 2. Compute the total manufacturing overhead applled to the Work in Process Inventory account during the first month of operations. Note: Round your intermediate calculations to 2 decimal places. 3. Compute the bolance in the Work in Process Inventory account at the end of the first month. Note: 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? Note: 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. Note: Round your intermediate calculations to 2 decimal places. 5-b. Is it over-or underapplied
