Ralph Rover is a small company that manufactures specialheavy equipment for use in under water oil fields. The line workersare specially trained and earn $35/hour. The company uses job ordercosting and applies manufacturing overhead on the basis of laborhours. At the beginning of the month, the following estimates weremade:

Estimated Manufacturing Overhead Costs -            $360,000

Estimated Direct Labor Hours-                                         900

Beginning balances for inventory accounts were asfollows:

           Raw Materials -                                $30,000

           Work in Process -                             $61,000 Job 411

           Finished Goods-                                $290,000 Job 410

The following transactions took place during the month(all purchases and services were acquired on account):

1. $355,000 in raw materials were purchased
2. Direct materials were requisitioned for use in Job 412,$60,000.
3. Direct materials were requisitioned for use in Job 413,$90,000.
4. The factory incurred $45,000 in utility bills.
5. Headquarters incurred $15,000 in utility bills.
6. The record for Job 411 indicated that 200 labor hours wereused.
7. The record for Job 412 indicated that 335 labor hours wereused.
8. The record for Job 413 indicated that 390 labor hours wereused.
9. Jobs 411, 412 and 413 were completed during the month.
10. Job 410, 411 and 413 were sold during the month for$1,100,000.
11. Factory janitor salaries for the month were $5,000.
12. The factory managers’ salaries totaled $160,000.
13. Indirect materials requisitioned totaled $35,000.
14. $100,000 of depreciation on the factory equipment was accruedthis month.
15. Advertising costs for the month were $85,000.

Use MS Excel to show t-accounts or journal entries (yourchoice) to record the previous transactions. Also answer thefollowing 8 questions in the spreadsheet. Then upload the file toquestion.

1. How much overhead was allocated to job 412?__________________________
2. What is the Cost of Goods Manufactured?_______________________________
3. What is the Cost of Goods Sold (before adjusting entries)?____________________
4. What is the period cost? ____________________________
5. How much product cost will show up on the final incomestatement? __________
6. How much overhead was actually incurred thisperiod?___________________________
7. What is the net income for the period?_________________________________
8. What is the ending balance for the Finished Goods account?________________