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The following information is for Owly Corporation for the 1st Quarter of the year: Account...

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Accounting

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The following information is for Owly Corporation for the 1st Quarter of the year: Account Purchases of Direct Materials Direct labour (4,000 hours) Actual Overhead Amount in CAD 250,000 180,000 12,500 Owly Corporation uses a predetermined overhead rate with direct labour hours as the cost driver. Estimated total labour hours for the year were 40,000 and estimated total overhead for the year was $80,000. The only inventory balance is $6,000 in ending direct materials (Beginning and ending balances of finished goods and work in process are zero; Beginning balance of direct materials is zero) (Hint: Complete the cost flow first) a. What was Owly's the cost of direct materials used for production for the quarter? [5 marks) b. What was Owly's predetermined rate for the quarter? [5 marks] c. What was Owly's applied manufacturing overhead for the quarter? [5 marks] d. What was Owly's Cost of Goods Manufactured for the quarter? [5 marks] e. What was Owly's Cost of Goods Sold for the quarter? [5 marks] f. If Owly uses the percentage of allocation method to deal with over- or under-applied overhead, what was Owly's adjusted Cost of Goods Sold for the quarter? [10 marks)

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