Could you please provide answer for the attached Assignment 2 ACCT1350S18 from Q1-Q5.

Question #1 (15 Marks)

The Baggins Company uses a job-order costing system and applies manufacturing overhead cost to jobs on the basis of the cost of materials used in production. At the beginning of the most recent year, the following estimates were made as a basis for computing the predetermined overhead rate for the year:

The following transactions took place during the year (all purchases and services were acquired on account):

a.) Raw materials purchased: $86,000.

b.) Raw materials requisitioned for use in production (all direct materials): $98,000.

c.) Utility costs incurred in the factory: $15,000.

d.) Salaries and wages incurred as follows:

e.) Maintenance costs incurred in the factory: $15,000.

f.) Advertising costs incurred: $89,000.

g.) Depreciation recorded for the year: $80,000, of which 80% relates to factory assets and the remainder relates to selling and administrative assets.

h.) Rental cost incurred on buildings: $70,000 (75% of the space is occupied by the factory, and 25% is occupied by sales and administration).

i.) Miscellaneous selling and administrative costs incurred: $11,000.

j.) Manufacturing overhead cost was applied to jobs as per company policy.

k.) Cost of goods manufactured for the year: $500,000.

l.) Sales for the year (all on account): $1,000,000. These goods cost $600,000 to manufacture.

Required:

Prepare journal entries to record the information above. Mark your entries by the letters a through l.(15 marks)

Question 2. (10 Marks)

The following cost data relate to the manufacturing activities of the Kookabuka Company during the most recent year:

The company uses a predetermined overhead rate to charge overhead cost to production. The rate for the year just completed was $4.00 per machine hour; a total of 6,000 machine hours were recorded for the year.

Required:

a. Compute the amount of under- or overapplied overhead cost for the year just ended. (2 Marks)

b. Prepare a schedule of cost of goods manufactured for the year.(8 Marks)

Question 3 (10 Marks)

McKenna Collins LLP public accounting firm employs 10 full-time professionals who provide services to clients. All professional labour compensation is traced directly to clients on a per professional labour-hour basis. Any other costs are included in a single indirect-cost pool (same as overhead) and allocated to individual clients according to billable professional labour-hours.

Operating costs and data for the year included the following:

Required:

a. By how much, if any, was the overhead cost underapplied or overapplied? (4 Marks)

b. Prepare a summary journal entry to close any underapplied or overapplied overhead cost to a Cost of Services Provided account. (2 Marks)

c. Explain qualitatively and quantitatively (in as much detail as possible) the source(s) of any underapplied or overapplied overhead cost.(4 Marks)

Question 4 (10 Marks)

Sicily Company reported the following actual cost data for the year:

Sicily Company used a 150% predetermined overhead rate based on direct labour cost. The rate was based on annual estimated overhead cost and direct labour cost of $252,000 and $168,000, respectively.

Required:

a. Calculate the cost of goods manufactured. (3 Marks)

b. What was the cost of goods sold before adjusting for any under or overapplied overhead? (2 Marks)

c. By how much was manufacturing overhead cost under or overapplied? (2 Marks)

d. Prepare a summary journal entry to close any under or overapplied manufacturing overhead cost to cost of goods sold. (1 Mark)

e. Analyze the under or overapplied manufacturing overhead costs calculated in part c above into two separate components: amount due to incorrect estimate of the annual manufacturing overhead costs and an amount due to incorrect estimate of the annual direct labour cost.(2 marks)

Question 5 (5 Marks)

Pol Industries uses a job order cost system and applies manufacturing overhead costs to jobs using a predetermined overhead rate based on direct labour-hours. The following data were extracted from the company's accounting records for Year 6

Job #461 was completed during the year and the following costs had been incurred on that job:

Suppose Job #461 contained 100 units. What unit cost would appear on the job cost sheet for job #461?Show ALL calculations (5 marks)