B C D E F G A Comprehensive Project 1 Using Excel Boyd Corporation is a manufacturer that uses job-order costing. On January 1, 2024, the company's inventory balances were as follows: Raw Materials Inventory Work-in-Process Inventory Finished Goods Inventory $40,000 $18,000 $35,000 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, 2024, the company's predetermined overhead rate of $16.25 per direct labor-hour was based on a cost formula that estimated $650,000 of total manufacturing overhead for an estimated activity level of 40,000 direct labor-hours. 1 2 Requirements: Compute the predetermined overhead allocation rate for fiscal year 2024. Use the 3 1. blue shaded areas for inputs. (MOH Tab) Use Excel to journalize the transactions listed in the Transactions tab for the current 2. year, 2024. (Journal Entries tab) Enter the beginning balances for the inventories in the T-accounts. Assume the rest of the accounts have beginning balances of zero. Post the journal entries to T- accounts. T-account balances will automatically calculate except for Manufacturing Overhead. You will need to calculate the appropriate balance in that account. (T- 15 3. Accounts tab) 16 4. Adjust the manufacturing overhead account. (MOH adj tab) 17 Prepare the journal entry. b. Post to T-accounts. a. 18 Manufacturing Accounts 2 3 Accounts Receivable 4 Raw Materials Inventory 5 Work-in-Process Inventory 6 Finished Goods Inventory 7 Accounts Payable 8 Wages Payable 9 Sales Revenue 10 Manufacturing Overhead 11 Cost of Goods Sold 12 Selling & Administrative Expense 13 14 15 16 17 18 19 20 2 The following transactions were recorded for the year: a Raw materials were purchased on account, $510,000. 5 b Raw materials used in production, $480,000. All of the raw materials were used as direct materials. The following costs were accrued for employee services: direct labor, $600,000; indirect labor, 6 C $150,000, selling and administrative salaries, $240,000. Incurred various selling and administrative expenses (e.g., advertising, sales travel costs, and finished 7 d goods warehousing), $367,000. 8 e Incurred various manufacturing overhead costs (e.g., rent, insurance, and utilities), $500,000. Manufacturing overhead cost was applied to production. The company actually worked 41,000 direct 9 + labor-hours on all jobs during the year. Jobs costing $1,680,000 to manufacture according to their job cost sheets were completed during the 10 g year Jobs were sold on account to customers during the year for a total of $2,800,000. The jobs cost 11 h $1,690,000 to manufacture according to their job cost sheets. 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 Instructions data Transactions MOH Rate Solution Journal Entries Solutic Ready