Compute the firm's predetermined factory overhead rate for the year. 2. Prepare journal entries to record...

  

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Compute the firm's predetermined factory overhead rate for the year. 2. Prepare journal entries to record the April events. 3. Calculate the amount of overapplied or underapplied overhead on April 30. 4. Prepare a schedule of Cost of Goods Manufactured and a schedule of Cost of Goods Sold. 5. Compute the amount of overapplied or underapplied overhead that should be prorated to Work-in- Process, Finished Goods, and Cost of Goods Sold. (Round the final calculation into the whole number) 6. Prepare the income statement for April. The firm's chart of accounts follows 101 Cash 106 Accounts Receivable 124 Cost of goods sold 128 Selling & administrative expense 167 Equipment 168 Accumulated Depreciation Materials inventory 300 400 Sales Revenues 405 Accounts payable 612 Advertising expense. 622 Factory/manufacturing overhead 301 Work-in-process inventory Finishing goods inventory 302 623 Factory/manufacturing overhead applied Busaiteen Manufacturing Company had the following cost information for May. Materials Requisitions Quantity Department number 1 1 1 1 1 Department number 1 1 1 2 2 Job number 88X 88Y 88Y 88Z 887 Labour hours and rates Job number 88X 88Y 88Z 88Y 88Z 7,650 3,130 920 82 1,717 Labour hours 655 35 712 420 718 Cost per unit $7.30 $3.52 $4.20 $2.25 $8.15 The labour rate in Department 1 is $11.50 and in Department 2 is $10.50. The overhead rate in Department I is based on direct labour-hours, at $5.50 per hour; in Department 2 the rate is 120 percent of direct labour cost. Busaiteen had no beginning work-in-process inventory for May. Required: 10 Calculate the direct materials, direct labor, factory/manufacturing overhead, and total costs for each job. Compute the firm's predetermined factory overhead rate for the year. 2. Prepare journal entries to record the April events. 3. Calculate the amount of overapplied or underapplied overhead on April 30. 4. Prepare a schedule of Cost of Goods Manufactured and a schedule of Cost of Goods Sold. 5. Compute the amount of overapplied or underapplied overhead that should be prorated to Work-in- Process, Finished Goods, and Cost of Goods Sold. (Round the final calculation into the whole number) 6. Prepare the income statement for April. The firm's chart of accounts follows 101 Cash 106 Accounts Receivable 124 Cost of goods sold 128 Selling & administrative expense 167 Equipment 168 Accumulated Depreciation Materials inventory 300 400 Sales Revenues 405 Accounts payable 612 Advertising expense. 622 Factory/manufacturing overhead 301 Work-in-process inventory Finishing goods inventory 302 623 Factory/manufacturing overhead applied Busaiteen Manufacturing Company had the following cost information for May. Materials Requisitions Quantity Department number 1 1 1 1 1 Department number 1 1 1 2 2 Job number 88X 88Y 88Y 88Z 887 Labour hours and rates Job number 88X 88Y 88Z 88Y 88Z 7,650 3,130 920 82 1,717 Labour hours 655 35 712 420 718 Cost per unit $7.30 $3.52 $4.20 $2.25 $8.15 The labour rate in Department 1 is $11.50 and in Department 2 is $10.50. The overhead rate in Department I is based on direct labour-hours, at $5.50 per hour; in Department 2 the rate is 120 percent of direct labour cost. Busaiteen had no beginning work-in-process inventory for May. Required: 10 Calculate the direct materials, direct labor, factory/manufacturing overhead, and total costs for each job.

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