Keilor Auto1 (9) - Excel (Pro FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW & Cut Times New Ro - 11 AA= = Copy - Wrap Text General Paste Format Painter BIU - - Q A . BE Merge & Center . $- % " Conditional Formatting Clipboard Font Alignment Number J3 X v fx A B C D E F G H 17 indirect labour 1,900 18 rent 2,100 19 depreciation 1,000 20 insurance 150 21 utilities 600 22 other manufacturing costs 250 23 24 At the beginning of the month, management anticipated that overhead cost would be $ 6,400 and total direct labour 25 would amount to $ 5,000. Overhead is allocated on the basis of direct labour dollars. 26 27 8 Jobs 401 to 404 were finished during the month; Job 405 is still in process. Jobs 401 to 403 were picked up and paid by customers for $ 5,800, $ 4,900, $ 3,200. Job 404 is still waiting on the slot for customer's pick-up. Required 1. Determine the company's predetermined overhead rate. 2. Prepare the journal entries to reflect the following: the incurrence of materials, labour, and actual overhead costs; the allocation of overhead; and the transfer of job costs to finished goods inventory and cost of goods sold (Note: Use summary entries where appropriate by combining individual job data). 3. In your own words, describe the two different approaches to closing overapplied or underapplied overhead at the end of the month. How do you choose an appropriate method? Calculate the amount of overapplied or underapplied overhead to be closed and prepare an appropriate journal entry. Sheet1 + 17'CKeilor Auto1 (9) - Excel (Pro FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW X Cut Be Copy . Times New Ro - 11 - A A Wrap Text General Paste Format Painter BIU - . DA . BE Merge & Center . 5- % " Conditional Formatting Clipboard Font Alignment Number J3 X Y fx A B C D E F G H 17 indirect labour 1,900 18 rent 2,100 19 depreciation 1,000 20 insurance 150 21 utilities 500 22 other manufacturing costs 250 23 24 At the beginning of the month, management anticipated that overhead cost would be $ 6,400 and total direct labour 25 would amount to $ 5,000. Overhead is allocated on the basis of direct labour dollars. 26 27 28 Jobs 401 to 404 were finished during the month; Job 405 is still in process. Jobs 401 to 403 were picked up and paid by 29 customers for $ 5,800, $ 4,900, $ 3,200. Job 404 is still waiting on the slot for customer's pick-up. 30 31 32 33 34 35 Required 36 37 1. Determine the company's predetermined overhead rate. 19 2. Prepare the journal entries to reflect the following: the incurrence of materials, labour, and actual overhead costs; the allocation of overhead; and the transfer of job costs to finished goods inventory and cost of goods sold (Note: Use summary entries where appropriate by combining individual job data). 3. In your own words, describe the two different approaches to closing overapplied or underapplied overhead at the end of the month. How do you choose an appropriate method? Calculate the amount of overapplied or underapplied overhead to be closed and prepare an appropriate journal entry. Sheet1 +