answer all required items completely

1. 2. 3. Use the following Information for Problems #4-7: ABC Toys Company manufactures tricycles. The company has automated production and allocated overhead based on machine hours. ABC Toys expect to incur $93,600 of manufacturing overhead costs and to use 5,200 machine hours during 2012. ABC Toys had no beginning inventory. It recorded the following transactions during January. Purchased direct materials (on account) for $38.000 Purchased indirect materials (on account) for $10,000 Incurred other manufacturing overhead cost (on account) for $3,000 Used direct materials - $30,000 incurred direct labor costs- $50.000 Used $9,000 of indirect materials (that was purchased in #2) Allocated manufacturing overhead for January The company actually used 620 machine hours in January. #4) Calculate the Pre-determined Manufacturing Overhead Rate. 5. 6. 7. #5) Record the Journal Entries for the purchase of materiais & overhead (items #1, #2 & #3) " 111 TH 2 Accounts Debit($) Credit() Accounts Debit (5) Credits) Accounts Debit (5) Credit($) #6) Record the journal Entries for use of direct materials and labor (items #4& #5) AB 7 !!! Accounts Debit.($) Credit(s) Accounts Debit (5) Credits) #7) Record the journal Entry for allocation of overhead (item #7) and also the journal entry to close the under-allocated or over- allocated balance of the overhead account A-BT ili 111 2 Accounts Debit($) Credits Accounts Debit (5) Credit