With the following information, please complete the following on the spreadsheet provided:

Calculate the predetermined overhead rate as of January 1, 2018.

Fill out the Job Cost Sheet for Job #950. This job was started on November 25, 2018, and represents the entire balance in the WIP account as of November 30, 2018. For this job, Big Papi will produce 1,200 bats. What is his cost/bat for this job?

Complete the journal entries for the month of Dec 2018 in the general journal.

Determine the amount in Manufacturing Overhead at 12/31/18 and close annual Manufacturing Overhead into Cost of Goods Sold, assuming at November 30, 2018, $1,200,000 of actual expenses had been incurred and $1,205,000 had been applied for the year. Was it over or underapplied? By how much?

Calculate the Gross Profit, Gross Margin, and Net Income before tax for the month of December 2018.

Determine the ending balance in Raw Materials Inventory, Work-in-Process Inventory, and Finished Goods Inventory at December 31, 2018, assuming the following Nov 30, 2018 balances:

Raw Materials = $ 22,300 *

WIP = $ 52,500 **

Finished Goods = $ 8,500

* The Raw Materials account contains 20 barrels of glue (total $10,000), 5 barrels of pine tar (total $5,000) and 100 board feet of ash (total $7,300).

** The total in WIP represents 700 bats already completed for job #950. This is representative of $32,500 in direct labor (1,625 hours) and $20,000 of direct materials.

Big Papi, Inc. produces baseball bats for minor league players. Their factory is located in Boston, MA. Before 2018 began, their management made the following estimates for their annual production costs:

Type of Cost Amount

Factory rent $ 90,000

Factory Utilities $ 38,500

Lumber direct materials $582,000

Factory Insurance $ 24,000

Production Supervisor Salary $110,000

Lathe workers wages $141,200

Sanding department wages $ 88,000

Depreciation of Factory $ 75,000

Depreciation of Prod. Equip. $ 42,500

Glue, pine tar indirect mat. $ 30,000

For the entire year of 2018, Big Papi, Inc. expects to manufacture 9,800 bats. Please apply manufacturing overhead on the basis of direct labor hours (lathe and sanding departments combined). Big Papi expects there to be 40,000 direct labor hours in 2018.

Transactions

For the month of December 2018, Big Papi, Inc. had the following transactions & adjustment:

Dec 3 - Purchased 1,000 board feet of ash lumber on account for $73,000

Dec 5 Requisitioned 250 board feet of ash lumber, 5 barrels of glue and 2 barrels of pine tar to begin working on 500 additional bats for job #950.

Dec 10 Paid factory rent of $ 17,500, factory utilities of $ 6,400, and factory insurance of $2,100. All amounts are paid in cash.

Dec 15 Incurred and paid direct labor to Lathe workers and Sanding department of $27,500 (1,375 hours) and $8,250 to factory supervisor. These amounts include wages and benefits.

Dec 17 Completed all 1,200 bats and applied manufacturing overhead at the predetermined rate to all 1,200 bats in job #950. No overhead has previously been applied to job #950.

Dec 20 Incurred and paid selling costs of $21,000 and administrative costs of $14,415.

Dec 29 - Sold 350 bats of job #950 for $ 64,250 to Boston Red Sox (on account).

Dec 31 Big Papi closes out the under/overapplied manufacturing overhead.

PLEASE USE EXCEL to answer.