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Problem 4-43 (Algo) Cost Flows: Application of Overhead [LO 4-3, 4-4,4-5) Dream Makers is a small manufacturer of gold and platinum jewelry. It uses a job costing system that applies overhead on the basis of direct labor hours, Budgeted factory overhead for the year was $584,600, and management budgeted 39,500 direct labor-hours. The company had no Moterials, Work-in-Process, or Finished Goods Inventory at the beginning of April. These transactions were recorded during April a. April Insurance cost for the manufacturing property and equipment was $2,400. The premium had been paid in January b. Recorded $1,445 depreciation on an administrative asset. c. Purchased 21 pounds of high-grade polishing materials at $16 per pound (Inclirect materials) d. Pald factory utility bill, $6,990, in cash e. Incurred 4,000 hours and pold payroll costs of $160,000. Of this amount 1000 hours and $20,000 were indirect lobor costs. f. Incurred and paid other foctory overhead costs, $6,630 g. Purchased $30,500 of materials. Direct materials included unpolished semiprecious stones and gold. Indirect materials included supplies and polishing materials h. Requisitioned $24,500 of direct materials and $2,800 of indirect materials from Materials Inventory 1.Incurred miscellaneous selling and administrative expenses. $7,340. J.Incurred $4765 depreciation on manufacturing equipment for April k. Pald advertising expenses in cash $3,550, 1. Applied factory overhead to production on the basis of direct labor hours. m. Completed goods costing $70,000 during the month, n Made sales on account in April, $71,930. The Cost of Goods Sold was $57,940. Required: 1. Compute the firm's predetermined factory overhead rate for the year. 2. Prepare journal entries to record the April events. 3. Calculate the amount of overapplied or underapplied overhead on April 30. 4. Prepare a schedule of Cost of Goods Manufactured and a schedule of Cost of Goods Sold 5. Compute the amount of overapplied or underapplied overhead that should be prorated to Work-in-process, Finished Goods, and Cost of Goods Sold 5. Prepare the income statement for April Complete this question by entering your answers in the tabs below. Reg 6 Reg 1 Reg 2 Red 4 COGM Reg 4 COGS Reg 5 Compute the firm's predetermined factory overhead rate for the year. (Round your answer to 2 decimal places) Predefined overhead tate per direct labor hour Regt Req2 > Complete this question by entering your answers in the tabs below. Reg 5 Reg 6 Reg 4 COGS Reg 2 Reg 1 Red 4 COGM Reg 3 Prepare journal entries to record the April events. (If no entry is required for a transaction/event, select 'No journal entry required in the first account field. View transaction list Journal entry worksheet 1 8 2 4 5 .. 15 3 6 7 April Insurance cost for the manufacturing property and equipment was $39,500. The premium had been paid in January Note: Enter debits before credits Dobit General Journal Transaction Credit Record entry Clear entry View general Journal Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Req3 Req 4 COGM Reg 5 Req 6 Reg 4 COGS Calculate the amount of overapplied or underapplied overhead on April 30. overhead ( Req 2 Req 4 COGM > Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Reg 3 Req 4 COGM Reg 4 COGS Reg 5 Reg 6 Prepare a schedule of Cost of Goods Manufactured Dream Makers Statement of Cost of Goods Manufactured For the Month Ended April 30 Total manufacturing costs incurred during your Total manufacturing costs to account for Cost of goods manufactured Actual overhead Total factory overhead Total applied overhead Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Reg 3 Reg 4 COGM Req 4 COGS Reg 5 Reg 6 Prepare a schedule of Cost of Goods Sold Dream Makers Schedule of Cost of Goods Sold For the Month Ended April 30 Finished goods inventory beginning Cost of goods manufactured Total goods available for sale Finished goods inventory, ending Cost of goods sold Complete this question by entering your answers in the tabs below. Reg 2 Reg 6 Reg 1 Reg 3 Reg 4 COGS Reg 4 COGM Reg 5 Compute the amount of overapplied or underapplied overhead that should be prorated to Work-In-Process, Finished Goods, and Cost of Goods Sold. (Round both the Relative Amount and the Share of overapplied overhead to two decimal places.) Balance Relative amount Share of overapplied overhoad Work-in-Process Finished Goods Cost of Goods Sold Total % % % 0.00% 0 $ 0.00 Complete this question by entering your answers in the tabs below. Req 1 Reg 2 Reg 3 Reg 4 COGM Req 6 Reg 4 COGS Reg 5 Prepare the income statement for April Dream Makers Income Statement For the Month Ended April 30 Total selling & administrative expenses Dream Makers is a small manufacturer of gold and platinum jewelry, It uses a job costing system that applies overhead on the basis of direct labor hours. Budgeted factory overhead for the year was $584,600, and management budgeted 39,500 direct labor-hours. The company had no Materials, Work-in-process, or Finished Goods Inventory at the beginning of April. These transactions were recorded during April: a. April insurance cost for the manufacturing property and equipment was $2,400. The premium had been paid in January b. Recorded $1.445 depreciation on an administrative asset. c. Purchased 21 pounds of high-grade polishing materials at $16 per pound (indirect materials). d. Pald factory utility bill, $6,990, in cash. e. Incurred 4.000 hours and pold payroll costs of $160,000. Of this amount. 1.000 hours and $20,000 were indirect labor costs. f. Incurred and paid other factory overhead costs. $6,630. 9. Purchased $30,500 of materials. Direct materials included unpolished semiprecious stones and gold. Indirect materials included supplies and polishing materials. h. Requisitioned $24,500 of direct materials and $2,800 of indirect materials from Materials Inventory. Incurred miscellaneous selling and administrative expenses. $7,340. J. Incurred $4,765 depreciation on manufacturing equipment for April k. Poid advertising expenses in cash, $3,550. 1. Applied factory overhead to production on the basis of direct labor hours, m. Completed goods costing $70,000 during the month in Mode sales on account in April, $71,930. The Cost of Goods Sold was $57,940. Required: 1. Compute the firm's predetermined factory overhead rote for the year. 2. Prepare journal entries to record the April events. 3. Calculate the amount of overapplied or underapplied overhead on April 30. 4. Prepare a schedule of Cost of Goods Manufactured and a schedule of Cost of Goods Sold. 5. Compute the amount of overapplied or underapplied overhead that should be prorated to Work-in-process, Finished Goods, and Cost of Goods Sold 5. Prepare the income statement for April