File Edit View History Bookmarks window Help Wed Ju eztomheducation.com PBS Video Why is job opportunity stie lagging for people with disabilities Connect Saved Chapter 2 & 3 - Homework Help Save & E CH 1 Gitano Products operates a job-order costing system and applies overhead cost to jobs on the basis of direct materials used in production (not on the basis of raw materials purchased). Its predetermined overhead rate was based on a cost formula that estimated $111,800 of manufacturing overhead for an estimated allocation base of $86,000 direct material dollars to be used in production. The company has provided the following data for the just completed year: 36.66 points $ 136,000 82,000 $ eBook Print Purchase of raw materials Direct labor cost Manufacturing overhead costs: Indirect labor Property taxes Depreciation of equipment Maintenance Insurance Rent, building References $ 111,800 $ 8,900 $ 15,000 $ 13,000 $ 9,800 $ 36,000 Raw Materials Work in Process Finished Goods Beginning Ending $ 23,000 $13,000 $ 47,000 $ 37,000 $ 68,000 $ 60,000 Required: 1. Compute the predetermined overhead rate for the year. 2. Compute the amount of underapplied or overapplied overhead for the year. 3. Prepare a schedule of cost of goods manufactured for the year. Assume all raw materials are used in production as direct materials. 4. Compute the unadjusted cost of goods sold for the year. Do not include any underapplied or overapplied overhead in your answer. 5. Assume that the $37,000 ending balance in Work in Process licludes $8,800 of direct materials. Given this assumption, supply the information missing below: Complete this question by entering your answers in the tabs below. C 11 help MAW Materials Work in Process Finished Goods $ 23,000 $13, UUU $ 47,000 $ 37,000 $ 68,000 $ 60,000 Required: 1. Compute the predetermined overhead rate for the year. 2. Compute the amount of underapplied or overapplied overhead for the year. 3. Prepare a schedule of cost of goods manufactured for the year. Assume all raw materials are used in production as direct materials. 4. Compute the unadjusted cost of goods sold for the year. Do not include any underapplied or overapplied overhead in your answer. 5. Assume that the $37,000 ending balance in Work in Process Includes $8,800 of direct materials. Given this assumption, supply the information missing below: es Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Compute the predetermined overhead rate for the year. Predetermined overhead rate 1% Required Required 2 > Dres 1 of 3 ::: Next > Required: 1. Compute the predetermined overhead rate for the year. 2. Compute the amount of underapplied or overapplied overhead for the year. 3. Prepare a schedule of cost of goods manufactured for the year. Assume all raw materials are used in production as direct materials. 4. Compute the unadjusted cost of goods sold for the year. Do not include any underapplied or overapplied overhead in your answer. 5. Assume that the $37,000 ending balance in Work in Process includes $8,800 of direct materials. Given this assumption, supply the information missing below: s Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Compute the amount of underapplied or overapplied overhead for the year. Underapplied overhead 5,500 1 3. Absure uale vuunny GILEHT WIR HILO HILIUS 30,0UU UUTELL THIS. GIVE US on, supply Information missing below: Complete this question by entering your answers in the tabs below. 5 in Required 1 Required 2 Required 3 Required 4 Required 5 Book Prepare a schedule of cost of goods manufactured for the year. Assume all raw materials are used in production as direct materials. Print rences Gitano Products Schedule of Cost of Goods Manufactured Direct materials: Beginning raw materials inventory $ 23,000 Add: Purchases of raw materials 136,000 Total raw materials available 159,000 Less: Ending raw materials inventory 13,000 Raw materials used in production Direct labor Manufacturing overhead applied to work in process Total manufacturing costs Add: Beginning work in process inventory $ 146,000 82,000 189,000 417,000 47,000 464,000 37,000 427,000 Less: Ending work in process inventory Cost of goods manufactured $ Prev 1 of 3 Next > Required: 1. Compute the predetermined overhead rate for the year. 2. Compute the amount of underapplied or overapplied overhead for the year. 3. Prepare a schedule of cost of goods manufactured for the year. Assume all raw materials are used in production as direct m 4. Compute the unadjusted cost of goods sold for the year. Do not include any underapplied or overapplied overhead in your 5. Assume that the $37,000 ending balance in Work in Process includes $8,800 of direct materials. Given this assumption, supe information missing below: Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Compute the unadjusted cost of goods sold for the year. Do not include any underapplied or overapplied overhead in your answer. Unadjusted cost of goods sold $ 427,000 Prev 1 of 3 Next > ch W XL 2. Compute the amount of underapplied or overapplied overhead for the year. 3. Prepare a schedule of cost of goods manufactured for the year. Assume all raw materials are used in production as 4. Compute the unadjusted cost of goods sold for the year. Do not include any underapplied or overapplied overhead 5. Assume that the $37,000 ending balance in Work in Process includes $8,800 of direct materials. Given this assump information missing below: in Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Assume that the $37,000 ending balance in Work in Process includes $8,800 of direct materials. Given this assumption, supply the information missing below: Direct materials Direct labor Manufacturing overhead Work in process inventory 8,800 16,760 11,440 $ 37,000 lcc P W 1