XYZ company manufactures office chairs. The company applies manufacturing overhead on the basis of direct-labor hours. The company's budget for the current year: 1. Estimated total manufacturing overhead Estimated total direct-labor hours $63,000 $ 3,000 The transactions during the year as follows: a. Raw materials were purchased on account for $18,000. b. $22,500 cost of direct materials were requisioned from the store room and used in production. $200 cost of indirect materials were requisioned from the store room and used in production. An analysis of employee time tickets revealed the following: (all paid in cash) c. Direct labor cost $68,000 Required: Indirect labor cost $26,000 d. Depreciation of factory building and equipment amounted $24,000. e. Rent paid for the warehouse was $4,800. f. Utility costs for the factory incurred amounted $2,400. g. The insurance cost covering factory operations was $6,200. The insurance policy had been prepaid. h. The cost of wages for sales and administrative personnel paid amounted to $16,000. i. Depreciation on administrative office equipment and space $8,000. j. Other selling and administrative expenses paid amounted to $2,000. k. Actual direct-labors hours worked during the year amounted to 3,100 hours. The company applied manufacturing overhead to jobs. (Find the amount and record) 1. Finished goods that cost $101,800 to manufacture according to their job cost sheets were transferred to the warehouse. m. Sales made in cash during the year amounted to $125,750. n. The total cost to manufacture to those goods sold according to their job cost sheets was $82,500. The balances of selected accounts at the beginning of the year: Raw Material Work in Process Finished Goods $ 12,400 15,200 36,000 3.72 journal entries to record the transactions ones). 2. fort this balance to Cost of Goods Sold and post. Prepare the journal entry to close Prepare a Schedule of Cost of Goods Manufactured, Cost of Goods Sold and Income Statement for the year.

XYZ company manufactures office chairs. The company applies manufacturing overhead on the basis of direct-labor hours. The company's budget for the current year: Estimated total manufacturing overhead Estimated total direct-labor hours The transactions during the year as follows: $63,000 $ 3,000 a. Raw materials were purchased on account for $18,000. b. $22,500 cost of direct materials were requisioned from the store room and used in production. $200 cost of indirect materials were requisioned from the store room and used in production. c. An analysis of employee time tickets revealed the following: (all paid in cash) Direct labor cost $68,000 Indirect labor cost $26,000 d. Depreciation of factory building and equipment amounted $24,000. c. Rent paid for the warehouse was $4,800. f. Utility costs for the factory incurred amounted $2,400. g. The insurance cost covering factory operations was $6,200. The insurance policy had been prepaid. h. The cost of wages for sales and administrative personnel paid amounted to $16,000. i. Depreciation on administrative office equipment and space $8,000. j. Other selling and administrative expenses paid amounted to$2,000. k. Actual direct-labors hours worked during the year amounted to 3,100 hours. The company applied manufacturing overhead to jobs. (Find the amount and record) 1. Finished goods that cost $101,800 to manufacture according to their job cost sheets were transferred to the warehouse. m. Sales made in cash during the year amounted to $125,750. n. The total cost to manufacture to those goods sold according to their job cost sheets was $82,500. The balances of selected accounts at the beginning of the year: Raw Material Work in Process Finished Goods Required: $ 12,400 15,200 36,000 1. Calculate the company's predetermined overhead rate. 2. Prepare journal entries to record the transactions of the year. 3. Post to the selected accounts (not all, just the necessary ones). this balance to Cost of Goods Sold and post. the year. of Cost of Goods Manufactured, Cost of Goods Sold and Income Statement for fort he year. Prepare the journal entry to close