M Question 3 - Week 4 - Chapter 4 Homework - Connect X A https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=08launchUrl=https%253A%252F%252Fconnect... . . a Amazon.com - Onli... B. Booking.com McAfee Security Bookmarks @ Home > Suggested Sites W WildTangent Games Imported From IE ) Toshiba > Other favorites Week 4 - Chapter 4 Homework i Saved Help Save & Exit Submit M Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. + Return to question 3 Dream Makers is a small manufacturer of gold and platinum jewelry. It uses a job costing system that applies overhead on the basis of direct labor hours. Budgeted factory overhead for the year was $607,500, and management budgeted 40,500 direct labor-hours. The o 3 company had no Materials, Work-in-Process, or Finished Goods Inventory at the beginning of April. These transactions were recorded points during April: a. April insurance cost for the manufacturing property and equipment was $2,500. The premium had been paid in January. + b. Recorded $1,515 depreciation on an administrative asset. c. Purchased 21 pounds of high-grade polishing materials at $16 per pound (indirect materials). d. Paid factory utility bill, $7,070, in cash. e. Incurred 4,000 hours and paid payroll costs of $160,000. Of this amount, 1,000 hours and $20,000 were indirect labor costs. f. Incurred and paid other factory overhead costs, $6,690. g. Purchased $31,500 of materials. Direct materials included unpolished semiprecious stones and gold. Indirect materials included supplies and polishing materials. h. Requisitioned $25,500 of direct materials and $3,000 of indirect materials from Materials Inventory. i. Incurred miscellaneous selling and administrative expenses, $7,620. j. Incurred $4,975 depreciation on manufacturing equipment for April. k. Paid advertising expenses in cash, $3,700. I. Applied factory overhead to production on the basis of direct labor hours. m. Completed goods costing $71,000 during the month. In Made color on account in April 171 960 Tha Part of Pande Cold war GEOGOn Mc Graw Hill Q Search Ti 6:44 AM 7/27/2024M Question 3 - Week 4 - Chapter 4 Homework - Connect X A https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=08launchUrl=https%253A%252F%252Fconnect... . . a Amazon.com - Onli... B. Booking.com McAfee Security Bookmarks @ Home > Suggested Sites W WildTangent Games Imported From IE ) Toshiba > Other favorites Week 4 - Chapter 4 Homework i Saved Help Save & Exit Submit M Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. + Return to question 3 & Answer is not complete. Complete this question by entering your answers in the tabs below. 3 points Req 1 Req 2 Req 3 Req 4 COGM Req 4 COGS Req 5 Req 6 + Compute the amount of overapplied or underapplied overhead that should be prorated to Work-in-Process, Finished Goods, and Cost of Goods Sold. Note: Round both the Relative Amount and the Share of overapplied overhead to two decimal places. Share of Balance Relative amount overapplied overhead Work-in-Process 11,380 x 16.00 x % 602.40 x Finished Goods O X 0.00 x % 0.00 x Cost of Goods Sold 59,620 84.00 x % 3,162.60 x Total 71,000 100.00 % 3,765.00 Mc Graw Hill Q Search 6:45 AM 7/27/2024M Question 3 - Week 4 - Chapter 4 Homework - Connect X A https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=08launchUrl=https%253A%252F%252Fconnect... . . a Amazon.com - Onli... B. Booking.com McAfee Security Bookmarks @ Home > Suggested Sites W WildTangent Games Imported From IE ) Toshiba > Other favorites Week 4 - Chapter 4 Homework i Saved Help Save & Exit Submit M Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. + Return to question 3 Reg 1 Reg 2 Reg 3 Req 4 COGM Req 4 COGS Reg 5 Reg 6 Using the results from requirements 4 and 5, prepare the income statement for April. o 3 points Dream Makers Income Statement For the Month Ended April 30 + Sales revenue $ 74,350 Cost of goods sold 59,620 x Gross margin 14,730 X Selling and administrative 11,320 X Advertising expense 3,700 Total selling & administrative expenses 15,020 x Mc Graw Hill Q Search 6:46 AM 7/27/2024