$CO4-3,4-4,4-5$

$4\mathrm{.}43$ Cont Flows; Applicaties of Owerhesed Deram Maiers is a small manufacterer of pold and platinam Jowelry. It wses a job cowing aystern that applies everhead ee the havis of direst lator hourn. Bedprted Aprit. These transactiona wowe moerded during Aprit:

a$.$ Aprit insurance cost for the manafacturing peoperty asd equipmett was $51,$woo. The permium had heen paid in Junuary,

b$.$ Reconfed $$1,025$ deprociatioe on an admislematiee assel.

c$.$ Purchased $21$ pounds of high$-$grade polishing materials at $$16$ per pousd $($indimet manerials$).$

d$.$ Paid factory utliry bill, $56,510,$ in canh.

c$.$ Incurtod $4,000$ hoars and paid payroll coats of $$160,000.$ Of this amounk $1,000$ hours and $530\mathrm{.}000$ were indirect lahor costs.

f$.$ focurred and paid ceher factory overhead conth, $56,270.$

g$.$ Purchased $524,500$ of maserials. Direct maserials included unpolished semipoecious snones and gold. Indirect maberials incladed supplies and pollishing materialh

h$.$ Requivitionod $$18,500$ of direct materials and $$1,000$ of indivect materials from Materials leventory:

i$.$ Incwrred miscellancous selling and adminiserative espenses, $$5,660.$

j$.$ Incurred $$3$$$05$ depecciacion on masufacturing equipment for April.

k$.$ Paid advertivigg expenses in cash, $52,650.$

Applied factory overhead to production on the basis of direct labor hoern.

m$.$ Completed poods costing $$64,000$ during the moeth.

n$.$ Made sales on account in April, $557,410.$ The Cout of Goods Sold was $547,$ R$60.$

Required

Compute the firm's predetermined factory ewerhead rane for the year.

Prepare journal entries to record the April cevents.

Calculate the amount of overapplied or usderapplied overhead on Apell $30.$

Prepare a schodule of Cost of Goods Manufactured and a schodule of Cost of Gioods Sold.

Compute the amount of encrapplied or underapplied overhead that showld be peorated to Work$-$inProcess, Finishod Goods, and Cost of Goods Sold.

Using the resulss from requirements $4$ and $5,$ prepare the income statement for April. Comment on whether closing the entife amount to Cost of Goods Sold would have been approgriate in this eave.