70.2K

Verified Solution

Link Copied!

Prepare a schedule of Cost of Goods Sold. 3. Laicuate the amount of overappiea or underappiea overneaa on Apri su. 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 Go Cost of Goods Sold. 5. Prepare the income statement for April. Answer is not complete. Complete this question by entering your answers in the tabs below. Calculate the amount of overapplied or underapplied overhead on April 30. Required: 1. Compute the firm's predetermined factory overhead tate for the year 2. Prepare journal entries to record the April events. 3. Calculate the amount of overapplied or underapplied overthead 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-n Process, Finished Goods, and Cost of Goocks Sold. 5. Prepare the income statement for Apnt Complete this question by entering your answers in the tabs below. Compute the firm's predetermined factory overhead rate for the year. (Hownd your antwer to 2 decimal piaces.) 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 $486,500, and management budgeted 35,000 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. Aphi insurance cost for the manufacturing property and equipment was $1,950 The premium had been paid in January. b. Recorded $1,130 depreciation on an administrative asset. c. Purchased 21 pounds of high-grade polishing materials at $16 per pound (indirect materials) d Paid factory utility bili, $6,630, in cash e. Incurred 4,000 hours and paid payroll costs of $160,000 or this amount, 1,000 hours and $20,000 were indirect labor costs t. Incurred and paid other factory overhead costs, $6.360 9. Purchased $26.000 of materials. Direct materials included unpolished semiprecious stones and gold Indirect materiaff includec supplies and polishing materials. h. Requisitioned $20,000 of direct materials and $1,900 of indirect materials from Moterials inventory i. Incurred miscellaneous selling and administrative expenses, $6.080 jincurred $3.820 depreciation on manufacturing equipment for April k. Paid advertising expenses in cash, \$2.875 1. Applied factory overhead to production on the basis of direct labor hours. m. Completed goods costing $65,500 during the month n. Made sales on account in Aptil, $61,040. The Cost of Goods Sold was $50,380 Compute the amount of overapplied or underapplied overhead that should be prorated to Work-in-Process, Finished Go and Cost of Goods Sold. (Round both the Relative Amount and the Share of overapplied overhead to two decimal places \begin{tabular}{|l|l|l|} \hline Add: Work-in-process inventory, Beginning & & \\ \hline Total manufacturing costs to account for & & \\ \hline Less: Work-in-process inventory, Ending & & \\ \hline Cost of goods manufactured & & \\ \hline Actual overhead & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline Total factory overhead & \\ \hline Total applied overhead & \\ \hline & & \\ \hline \end{tabular} Req 3 Req 4 COGS

Answer & Explanation Solved by verified expert

See Answer