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Open recovered workbooks? Your recent changes were saved. Do you want to continue working where you left off? Boyd Corporation is a manufacturer that uses job-order costing. On January 1, 2024, the 4 company's inventory balances were as follows: \begin{tabular}{|l|l|l|} \hline 5 & Raw Materials Inventory & $75,000 \\ \hline 7 & Work-in-Process Inventory & $53,000 \\ \hline 8 & Finished Goods Inventory & $68,000 \\ \hline 9 & & \\ \hline & The company applies overhead cost to jobs on the basis of direct labor-hours. For the current \\ \hline \end{tabular} year, 2024, the company's predetermined overhead rate per direct labor-hour was based on a cost formula that estimated $835,000 of total manufacturing overhead for an estimated activity 10 level of 76,000 direct labor-hours. 11 Requirements: Requirements: 1. blue shaded areas for inputs. 13 Use Excel to journalize the transactions listed in the Transactions tab for the current 2. year, 2024 . Enter the beginning balances for the inventories in the T-accounts. Assume the rest of the accounts have beginning balances of zero. Post the journal entries to the T accounts. T-account balances will automatically calculate except for Manufacturing Overhead. You will need to calculate the appropriate balance in that account. You 3. should not have negative balances in your t-accounts. 4. Adjust the manufacturing overhead account. a. Prepare the journal entry. b. Post to T-accounts. 5. Complete the Schedule of Cost of Goods Manufactured for 2024. 6. Complete the Cost of Goods Sold schedule for 2024. 7. Prepare the income statement in good form for Boyd for 2024. Open recovered workbooks? Your recent changes were saved. Do you want to continue working where you left off? 6. Complete the Cost of Goods Sold schedule for 2024. 7. Prepare the income statement in good form for Boyd for 2024. The company sold 560 units in 2024. Use the information given to calculate the following for 2024 : Use the contribution margin approach to compute the chazge in net operating income if the 15 sales increase by 6% and advertising spending is increased by $6,000. Use the contribution margin approach to calculate margin of safety in dollars, as a 16 percent and in units. Use the contribution margin approach to calculate operating leverage. What is the estimated percent increase in net income if sales increase 15% ? What is the New 17 Operating Income? Saving \& Submitting Comprehensive Project Assignments - Instructions Transactions MOH Rate Solution Journal Entries Solution T-Accounts Solutior Home Insert Draw Page Layout Formulas Data Review View \& Tell me Open recovered workbooks? Your recent changes were saved. Do you want to continue working where B11 fx Jobs were sold on account to customers during the year for a total of $2,865,0 4 a Raw materials were purchased on account, $570,000. 5. R Raw materials used in production, $540,000. All of the raw materials were used as direct materials. The following costs were accrued for employee services: direct labor, $660,000; indirect labor, 6. c $210,000; selling and administrative salaries, $290,000. Incurred various selling and administrative expenses (e g- advertising, sales travel costs, and finished 7 d goods warehousing), 5432,000 . 8 - Incurred various manutacturing overhead costs (e.9. rent, insurance, and utilites), $565,000. Manufacturing overhead cost was applied to production. The company actually worked 52,000 direct 9 f labor-hours on all jobs during the year. Jobs costing $1,745,000 to manufacture according to their job cost sheets were completed during the 20. 9 year. Jobs were sold on account to customers during the year for a total of $2,865,000. The jobs cost 11 in $1,755,000 to manulacture according to their job cost sheets. 12 13 14 15 16 i7 19 20 21 22 23 24 24 25 25 26 27 27 29 30 30 31 12 32 33 Instructions Transactichs MOH Rate Solution Open recovered workbooks? Your recent changes were saved. Do you want to continue working where you lef 117 Requirement 1 Compute the pre fx Compute the predetermined overhead allocation rate for fiscal year 2024. \begin{tabular}{l} Predetermined overhead allocation rate \\ \hline \end{tabular} 835,000 Total estimated overhead costs \begin{tabular}{|r|l|} \hline 76,000 & Total estmated Direct-Labor hours \\ \hline \end{tabular} \begin{tabular}{|l|l|l|} \hline S & 10.99 & Predetermined overhead allocation rate \\ \hline \end{tabular} Open recovered workbooks? Your recent changes were saved. Do you want to continue working where you left Requirement 2 Soumalize the transacions in the general journal. Open recovered workbooks? Your recent changes were saved. Do you want to continue working where Open recovered workbooks? Your recent changes were saved. Do you want to continue working where you left of Open recovered workbooks? Your recent changes were saved. Do you want to continue working where you left off? Open recovered workbooks? Your recent changes were saved. Do you want to continue working where you B3 Afx 1 Requirement 5: Complete the Schedule of Cost of Goods Manufactured. Requirement 6: Complete the Cost of Goods Sold schedule. Requirement 7: Complete the income Statement. T-Accoun Open recovered workbooks? Your recent changes were saved. Do you want to continue working where you left off? Requirement 6: Complete the Cost of Goods Sold schedule. Requirement 7: Complete the Income Statement Income Statement

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